An 18% Solution

New fervor for tax reform

In 1969 President Nixon declared that "reform of our federal income tax system is long overdue." In his 1976 campaign, Jimmy Carter called the Internal Revenue Code, with its reams of special deductions and loopholes, "a disgrace to the human race." Despite this presidential rhetoric and numerous reform initiatives, however, the tax system remains as convoluted and capricious as ever. People with the same incomes often pay wildly different amounts of tax.

Now a new proposal for tax reform has Washington abuzz. This plan would eliminate virtually all deductions...

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