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Can't ring the register on tax reform

Article by: PAUL G. GUTTERMAN
Updated: January 4, 2013 - 5:03 AM

Congress loves to talk about tax reform, but every major piece of legislation only makes our tax system more complicated

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gandalf48Jan. 4, 13 9:56 AM

The solution is simple, just lower the normal tax rates and slightly increase the capital gains rates in order so they can be the same number. Why can't we have a simple compromise where most deductions and credits are eliminated (replace them with a basic $20k/year deduction to protect the poor) in order to lower the tax rates to 20% for everyone and then have a tax rate of 25% above $250k/year? Then just increase capital gains to match up with those tax rates...in fact you can eliminate the distinction between capital gains and earned income when the tax rates when they are taxed at the same rate.

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