Jeb Bush’s proposal would be a significant boost for the American economy and American taxpayers.
In my 2012 primer on fundamental tax reform, I highlighted the three biggest warts in the current system.
- High tax rates that penalize productive behavior such as work and entrepreneurship.
Pervasive double taxation that undermines saving and investment.
Corrupt loopholes and cronyism that lure people into using resources inefficiently.
These problems all need to be addressed, along with additional problems with the internal revenue code, such as worldwide taxation and erosion of constitutional freedoms and civil liberties.
Now let’s apply the same treatment to the “Reform and Growth Act of 2017” that former Florida Governor Jeb Bush has unveiled in today’s Wall Street Journal.
Bush identifies three main goals, starting with lower tax rates.