New Podcast on Improving the U.S. Corporate Tax System
August 1, 2006
We’ve posted a fresh episode of our weekly Tax Policy Podcast this morning. This week’s guest is Bill Archer, former Chairman of the U.S. House Ways and Means Committee.
Here’s a clip from the transcript on the prospects for reforming the U.S. federal tax system:
Scott Hodge: “Well, before we wrap up, I really have to take a minute and ask you to speculate on the prospects for tax reform. What’s it going to take to get the debate started here, what might we see this debate entail, and, in your opinion, what should we be looking at in terms of a new tax system for the United States?”
Bill Archer: “As you know Scott, I reached the conclusion after many years on the Ways and Means Committee that the income tax system in this country did not well serve the United States economically or from the standpoint of intrusion into the individual lives of every American citizen. I believe we should try to get rid of the income tax system and if that is the result of tax reform, I think we will benefit tremendously.
But in order to be able to get a new fundamental tax system that is designed to create more savings, and more jobs, and more economic activity in the United States, you’re going to have to have a political base. And right now that political base does not seem to be there. I think it will develop as we see more individuals falling within the net of the Alternative Minimum Tax.
Most Americans today are not faced with it but each year more and more Americans fall under it. And within the next three or four years it’s projected that the government will raise more money from the Alternative Minimum Tax than they do from the regular tax on individuals. And I think that will be the catalyst that will bring about a potential base for fundamental tax reform.”