We Need To Drastically Change Our Conversation On Taxes
Each and every election cycle, politicians resort to the same arguments about taxation. Predictably, conservatives support broad tax rate cuts, while progressives support tax rate increases on the monolithic “wealthy.” This debate so often ignores the intricacies of our tax code, while instead focusing on marginal increases or decreases to the income tax rate.
Many times, “generous” billionaires write op-eds asking for their taxes to go up. Their proposal? Increase the top taxes for the highest earners or introduce a wealth tax. This may appear beneficial on its face, but 1) a wealth tax is likely unconstitutional and 2) the overly complicated tax code contributes to tax inequalities.
The Tax Code is Too Long
The United States tax code currently sits at “several thousand” pages. The tax code includes many tax deductions and policies that are requested by various special interest groups, and there may be generally positive reasons for these deductions. The billion-dollar tax accounting industry exists, in large part, to assist middle- and high-income earners navigate the tax code.
