Who's afraid of tax reform? Almost everybody.

[UNI88]

Editorial: Who's afraid of tax reform? Almost everybody
http://www.chicagotribune.com/news/opin ... 5805.story" onclick="window.open(this.href);return false;

On Wednesday, Chairman Dave Camp, a Michigan Republican, unveiled a serious plan to overhaul the broken federal tax code. Instead of stimulating a fruitful debate on how to fix one of this nation's most pressing problems, Camp's proposal fell flat.
...
Many members of both parties fear any talk of tax reform, just as they fear entitlement reform.

The GOP sees opportunity in a 2014 election that's focused on the Affordable Care Act. Party strategists want nothing to distract from voter anger over Obamacare, which Republicans view as a ticket to victory.

Democrats see opportunity in the issue of economic inequality. A successful negotiation — heck, any negotiation — on tax reform wouldn't fit the script.
...
Too bad, because Camp's plan is comprehensive and, in at least a few of the choices it makes, smacks of bipartisanship. It embraces the key principle of broadening the tax base by eliminating special-interest loopholes, credits and carve-outs, while reducing tax rates for individuals and companies.
...
Based on an analysis by the nonpartisan Joint Committee on Taxation, Camp's Tax Reform Act of 2014 would create up to 1.8 million private-sector jobs. It would boost gross domestic product by up to $3.4 trillion, the equivalent of a 20 percent gain over today's economy. It would stimulate that growth without boosting the federal budget deficit.

The average middle-class family of four could wind up with an extra $1,300 a year from the combination of lower tax rates in the plan and higher wages due to a stronger economy, according to the committee. Roughly 95 percent of filers could get the lowest possible rate without itemizing, tracking receipts or hiring accountants to work the system for them.

The reaction to Camp's plan is an indication that Congress plans to waste yet another year.

WTF is wrong with the people we've elected to represent us in Washington?

[CID1990]

Whenever Congress reforms something it gets bigger and more complicated.

[UNI88]

Whenever Congress reforms something it gets bigger and more complicated.

Silly me, I forget sometimes.

[AZGrizFan]

Whenever Congress reforms something it gets bigger and more complicated.

Silly me, I forget sometimes.

[danefan]

It has some good and some questionable pieces to it.

But it has 0% chance of becoming law in its entirety. Some pieces will get picked up along the way though, especially the non-controversial revenue generators.

The biggest breakthrough the bill achieved is it got the CBO to "score" the revenue impact using not only increases in tax revenue but also the macroeconomic impact on the economy that some of these provisions would cause (e.g., job creation, increased spending, etc..).