Such long-needed tax reform and simplification can help make families more prosperous and secure, businesses more productive and competitive and jobs more plentiful and available.
There’s been recent progress in making the tax code more predictable by making several provisions permanent instead of temporary. But more needs to be done not only to make certain other credits and deductions permanent but also to lock in lower rates for capital gains and dividends and other tax policies that incentivize investment, savings and job creation and, finally, to vastly simplify a hellishly complex and convoluted tax code.
Our current tax code is itself an obstacle to maximizing economic growth. Among other things, its sheer complexity means that simply complying with the code, for individuals and businesses, involves countless hours and substantial resources that could otherwise go toward more productive, job creating pursuits.