TaxVox Blog: Tax Reform Won’t Happen in 2011 (or 2012), by Howard Gleckman:
Much as I hate to write these words, tax reform isn’t going to happen in the coming year, or even in the year after that.
The bipartisan tax deal reached by President Obama and Congress earlier this month, along with a few kind words about closing tax loopholes from a handful of GOP lawmakers, has some reformers uncharacteristically optimistic about a quick agreement to revise the revenue code. But, sadly, they are wrong. Here’s why there won’t be a serious effort to rewrite the tax code until after the next elections.
- Obama isn’t on board
- Hill Republicans are not on board
- Hill Democrats are not on board
- There is no agreement on how much money the new tax code should raise
- This year’s deal was tax deform, not reform
- Follow the money
Make no mistake, tax reform is going to happen, and relatively soon. But not in Obama’s first term. I dearly hope I’m wrong, but I just don’t see it.
