‘X’ marks the spot for tax reformIn 1986, Democrats and Republicans came together and enacted a tax reform measure that closed loopholes and lowered tax rates. That was a great achievement. The ’86 act has shaped thinking ever since. Now, when people talk about tax reform, they instinctively say, “Let’s do another ’86-style act.” When they debate tax ideas, they inevitably fixate on the two levers that were central back then: closing loopholes and changing top marginal rates.
By: David Brooks, New York Times