In every election cycle, tax reform is front and center, highlighting every candidate’s platform. Tax fairness, tax simplicity, tax reduction. It’s a passionate populist appeal designed to win votes and lock down key electoral votes.
After every election all those grandiose, progressive reform ideas simply drift away into oblivion, and we are left with the same 17,000-page tax code, containing 5.5 million words which craft loopholes, exemptions, and deductions only a veteran tax lawyer could possibly decipher.
This cycle, conservative Republican Ted Cruz proposes a flat tax of 10% that would collapse today’s seven personal income tax rates into one and simplify the preparation of tax returns for millions of Americans. His plan has been attacked as hollow sloganeering that would have a negative impact on the poor and on the federal budget.