The Tax Policy Center hosts a program today on Time to ’86 the Tax Code? Prospects for Tax Reform After 25 Years:
October 22 marks the 25th anniversary of the signing of the Tax Reform Act of 1986, landmark legislation that brought together members of both political parties to dramatically simplify the tax code. Twenty-five years after that bipartisan success, the Joint Select Committee on Deficit Reduction is considering significant tax reform to help cut at least $1.2 trillion from the federal budget deficit. Many Republicans have vowed to oppose any revenue increases, arguing for using spending cuts alone to reduce the deficit—while Democrats have instead proposed a combination of spending cuts and tax increases, with the latter focused on raising rates for wealthy Americans. With sharp partisan lines being drawn in the budget deficit debate, is there any hope of achieving sound, comprehensive tax reform before the next presidential election?
On October 19, the Urban-Brookings Tax Policy Center will host a conversation reflecting on the impact of the Tax Reform Act of 1986, and the prospect for passing significant tax reform as part of a “grand bargain” on deficit reduction. In two panel discussions, tax and budget experts will examine lessons from the last major tax reform, and discuss opportunities for reform in the current political landscape.
Panel #1: What Have We Learned? Lessons from the Tax Reform Act of 1986
- Donald Marron (Director, Tax Policy Center)
- Bruce Bartlett (Columnist, The Fiscal Times0
- Jane Gravelle (Congressional Research Service)
- Adam Looney (Policy Director, The Hamilton Project)
- Gene Steuerle (Urban Institute)
Panel #2: What Are the Options? Prospects for Tax Reform and Deficit Reduction
- Isabel V. Sawhill (Economic Studies) (moderator)
- William G. Gale (Co-Director, Tax Policy Center)
- Kevin Hassett (American Enterprise Institute)
- Adele Morris Fellow (Economic Studies)
- Eric Toder (Co-Director, Tax Policy)
