Republicans Have a Chance to Empty the Attic in Upcoming Tax Debate

Growth, simplicity and neutrality should be the bedrock of any taxA tax is a mandatory payment or charge collected by local, state, and national governments from individuals or businesses to cover the costs of general government services, goods, and activities. code.

The average American moves about a dozen times in their life. With each move comes a chance for an auditA tax audit is when the Internal Revenue Service (IRS) conducts a formal investigation of financial information to verify an individual or corporation has accurately reported and paid their taxes. Selection can be at random, or due to unusual deductions or income reported on a tax return. . Are we downsizing or expanding? Is it time for a new couch? Should we refurbish great-grandma’s old china cabinet?

Just as moving is an important yet rare event, US tax policy often operates the same way. There have been only 15 significant tax reforms since 1940, but come 2025, policymakers in Washington will have to reform our tax code once again when the Trump tax cuts expire.

As we prepare for the tax code’s “move,” it’s time to start cleaning out the proverbial attic of our messy system.