A US Senator from Oregon (Ron Wyden) announced a new tax reform plan in April that looks pretty attractive. (HT:The Skeptical Optimist) Steve discusses it at his place, along with his idea of a two bracket income tax, but believes the Senator's plan deserves a hearing. The Senator has already gotten one co-sponsor form his own party and is apparently looking for one from the other.
The good Senator is proposing a 3 bracket tax on income, a standard deduction of triple the current figure, and with a corporate rate of 35% (matching the top rate on income) and closes most loopholes. Popular things like the mortgage deduction, health savings deductions, the retirement savings deduction and the charitibal donation deduction would be maintained while the tax form you send to the IRS would shrink to about 30 lines (down from the current 77) and fit on a single page. It would also eliminate the dreaded AMT (Alternative Minimum Tax).
The absolutely unbelievable, knock me over with a feather part is....
this guy has a D next to his name! Hard to believe a Republican Senator hasn't stepped forward to sponsor the bill.