Something extraordinary happened last week: a politician went against the dogma of his own party and proposed something that might actually boost our economy and improve our country’s long-term fiscal health.
Of course, the plan has no chance of getting a vote, let alone passing congress. And even if it did manage to pass, President Obama would veto it before his first morning cigarette. But just because Representative Dave Camp’s tax reform bill is a lost cause doesn’t mean it’s not a worthy one.
With the horrible events in Boston earlier this week, and in Texas last night, it seems like I should talk about something pleasant and diversionary today. So how about a post on, oh I don’t know … taxes?
On Sunday, the Times ran a couple of columns on the horrors of our tax code. One piece focused on the code’s unfairness, and how working people often wind up paying higher tax rates than hedge fund managers like me. Another documented how hopelessly complicated the code is, noting that Americans spend 9.14 billion hours filling out IRS forms every year. These twin critiques are not new. I’m old enough to remember when then-presidential candidate Jimmy Carter called the tax code “a disgrace to the human race.” And yet, Carter and every other would-be reformer after him have failed to make taxes fairer or simpler. If anything, the code has gotten both more complex and less equitable since Carter left office. Why is that?