Is Real Tax Reform Realistic?

The Election Season Raises a Familiar Question

The concept of reforming the current tax code has gained traction in recent years. Every potential challenger in the present presidential campaign has offered a tax reform proposal as part of their platform. President Obama put forth his own “Buffett Rule,” spurred by an acknowledgement that one of the world's richest men pays a lower tax rate than his secretary. The current economic climate and the election campaign season have gotten people thinking about the concept of fairness and equity within the existing tax code. The following discussion looks at some of the issues involved in reforming the present tax code and offers some insight as to the feasibility of significant tax reform, defined as more than just the periodic code revisions that happen regularly.

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