Congress, after failing in its duty to revise the Internal Revenue Code for decades, has launched a tax reform website. Is this a real attempt at soliciting ideas about tax reform, or just a new twist on getting an email list? To show they are really connected with social media, there is a new Twitter feed.
Let’s see how they address the following:
1. Estate Tax Reform
2. Limiting Taxation on US citizens (including businesses) to US Source Income rather than Worldwide Income
3. Address the Earned Income Tax Credit and other refundable tax credits.
4. Adjust capital goods for inflation to eliminate tax on inflation rather than real growth.
5. Honest Tax Simplification.