There was an opportunity to pass a corporate tax cut—excuse me, "reform"—that would be durable. The Republicans did not do it. So now there is a tax code that has little depth as far as support is concern. And so there is likely to come an opportunity to run the table. The master of legislative and technical detail Greg Leiserson and Equitable Growth Fearless Leader Heather Boushey provide a roadmap: Heather Boushey and Greg Leiserson: Taxing for Equitable Growth: "Tax reform... when the time comes, here are the three areas progressives must focus on...

...The tax system should raise more revenues. The United States should be investing more, not less, in children, infrastructure, and public health.... Reform should also be progressive, raising these additional revenues from relatively more fortunate.... Reform should increase the role of corrective taxes... to discourage activities with harmful effects for which the public and private costs exceed the benefits.... Reform should restructure how we tax investment income. The preferential rate for capital gains encourages wasteful tax planning.... Policymakers should address this issue through one of... mark-to-market taxation of investment income, deferral charges imposed when assets are sold, or an annual wealth tax.... They better align the measurement of investment income with the economic reality...


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