I really believe that I have lifetime employment. I just can’t see Congress implementing meaningful tax reform in my lifetime (as much as I’d like to see it).
But every so often a ray of sunshine is seen. The Captain’s Quarters blog reported today that Senators Ron Wyden (D-OR) and Larry Craig (R-ID) are involved in “Cleanse the Code,” an effort to simplify the Tax Code and the regulations that have been promulgated to implement the Code.
Senator Wyden would like to see a one-page Form 1040, and noted that the last meaningful reform took place during the second term of a Republican President with a Democratic controlled Congress. Senator Craig noted that while his plan is different from Senator Wyden’s, it’s not that different. Additionally, Senator Craig would like to see a flat tax.
Joe Kristan noted today about the creep towards AMT hell for everyone. If Congress does nothing on that score, the voting public will demand meaningful tax reform. Until that day, I suspect we’ll see bandages being applied.
I’m not worried about my job security, unfortunately.