Economic Program | Memo
The Tax Code at 25: Time for Tune Up
In 1986, the Chevy Celebrity was America’s bestselling car, Sony Walkmans were flying off shelves, and our federal tax code had just been simplified and reformed. Like the Walkman and the Chevy Celebrity, the tax code is obsolete.
The difference is that it’s still in use.
Since 1986, the tax code has become more and more complex, with 159 special tax breaks and preferences added on. These changes have not only increased our federal deficit, but they’ve left the code tedious for individuals, inefficient for businesses, and harmful to economic growth.
In our this memo, we trace tax reform’s gradual decay and make the case for immediate maintenance.
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