Christopher Bergin explains:
Our tax code isn’t about collecting revenue. It’s about taking care of political friends and being used as a campaign election issue to divide and conquer the electorate.
Okay, I think I understand. And sooooo, what about tax reform?
The point of Washington is to get reelected. And “can-kicking” – which I define as avoiding any difficult tax policy decision — is an Olympic sport in Washington that our politicians excel at. That is why my answer to the question “When do you think we will get tax reform?” is now “Not until something really bad – and I mean really bad – happens.”
That's ominously exciting. Do you mean, like, Independence Day really bad? Defense Secretary Herman Cain really bad? Or Grover Norquist/David Cay Johnston mud wrestling really bad? Give us a visual.
To trigger job growth, Gingrich proposed to cut the U.S. corporate tax rate from 35 percent to 12.5 percent, a deeper cut than some other Republican politicians have offered. He would extend income tax cuts that expire in 2013, which were the subject of a pitched battle late last year when President Barack Obama tried to let tax reductions for wealthier Americans expire. And he would completely eliminate the capital gains tax on stock profits. Gingrich, proposed that the country move toward an optional flat tax for Americans of 15 percent, and strengthen the dollar by returning to “Reagan-era monetary policies,” and reform the Federal Reserve to promote transparency. [