The Whole US Economy Hangs In The Balance

I have talked with many of the actors in the tax reform process—both in Congress and in think tanks. These discussions have served as the basis for my recent writing in Thoughts From the Frontline (subscribe here for free). I’ve seen one point of agreement—the tax system must be massively reformed. That point, sadly, is where agreement ends. Tax reform ideas usually fail because the status quo gives everybody some kind of perceived benefit. In reality, the benefit may be worth less than people think. But it’s preferable to the uncertainty of a new system.
The Market Oracle

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