I’m not as outraged as the Wall Street Journal about plans to increase taxes. I think that eliminating or reducing deductions and simplifying the tax would, in general, be good things. What concerns me is that’s pretty darned unlikely to happen. What’s likely to happen is loopholes, i.e. deductions, closed for enemies, raised for friends, and the tax code will continue to expand and grow more complex and incomprehensible.
Just a little food for thought. A fair and economically efficient tax code could be written on the back of an envelope. The present federal tax code weighs in at around 74,000 pages. What does that tell you?