The ‘Landmark’ Tax Reform that Fizzled

[marmar]

from Too Much: A Commentary on Excess and Inequality:



The ‘Landmark’ Tax Reform that Fizzled
October 21, 2011

Exactly a quarter-century ago, America’s punditocracy proclaimed victory in the struggle against tax complexity and unfairness. The rich applauded right along. We should have been suspicious.

By Sam Pizzigati


Can a small army of policy wonks, working in a bipartisan political environment overflowing with lawmakers willing to compromise, actually put into law a reform package that leaves the U.S. tax code considerably more simple and fair?

Twenty-five years ago, on October 22, 1986, legions of Washington wonks and lawmakers thought they had accomplished just that. Media heavyweights agreed, and so did President Ronald Reagan. He signed into law that day legislation that pundits immediately branded the “landmark” Tax Reform Act of 1986.

America will now have, President Reagan crowed at the signing ceremony, “the most modern tax code among major industrialized nations, one that encourages risk-taking, innovation, and that old American spirit of enterprise.”

“Fair and simpler for most Americans,” he added, “this is a tax code designed to take us into a future of technological invention and economic achievement, one that will keep America competitive and growing into the 21st century.” ...........(more)

The complete piece is at: http://toomuchonline.org/the-landmark-tax-reform-that-fizzled/