Tax Reform In This Election Year: It’s Not Likely
WASHINGTON (AP) — Politicians of all stripes in this election year are clamoring for simplifying the tax code and closing loopholes. But that would mean Americans could lose some of their prized deductions.
Tax reform does sound like a good idea to lots of people, but where to start? Eliminate the deduction for home mortgages? End the write-off for charitable contributions? How about expanding the Social Security payroll tax?
In fact, none of the major tax overhaul proposals now on the table seems likely to be enacted given the current political situation in Washington and the country.