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WHITHER TAX POLICY?

January 09, 2007

Tax Analysts today publishes a diverse collection of commentary on the tax policies of the upcoming Congress. It's good stuff, but unfortunately for most readers, its available only to subscribers.

Diverse? There's this from left-side economist Martin Sullivan ($link):

In the likely event that gridlock returns, we may be in for a repeat of 1992. Back then a Democrat-controlled Congress spent months on a tax bill President George H.W. Bush promised to veto. There was no pretense of enacting real law.

And this from right-leaning Tax Foundation's Scott Hodge ($link):

Twenty years ago, it took Democratic Sen. Bill Bradley reaching out to Republican President Reagan to bring about the Tax Reform Act of 1986. The tax code has deteriorated badly since then. But with the right spirit of cooperation, perhaps the conditions are right for a Democratic Congress and a Republican president to put aside their differences and give our 21st-century economy a 21st- century tax code.

And the amazing thing: they're both right! The stars are right for either gridlock or major reform.

One person who is right for sure is former Assistant Treasury Secretary for Tax Policy Mark Weinberger when he says ($link):

The Trees Are Taking Over the Forest

Well, yes, that's why they're called "forests," instead of, say, "prairies," "deserts," or "parking lots."

Finally, we pass on the sage advice to Congress from the Tax Analysts president himself, Chris Bergin ($link):

If you and the president manage to do nothing for the next two years when it comes to the tax laws, the country should be grateful -- and whether or not most of us are grateful, we'll all be better off.

Amen to that.

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