Reply to What really needs to be fixed in the tax code?

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[quote=Anonymous][quote=Anonymous]It's seems like the talk about tax reform going on is not about fixing what's really wrong with the tax code so much as redistributing the tax burden. If you had the chance to fix the tax code, what would you fix?

Here's my list:

Treat carried interest as ordinary income.
Treat interest and dividends as ordinary income.
Index capital gains to inflation and treat as ordinary income.
Eliminate the mortgage interest deduction for second homes.

What else?[/quote]

The corporate tax rate needs to be reduced to 20-22% and the base broadened using OECD recommendations. And a territorial system needs to be adopted.

Ideally, we'd get a VAT and create another revenue stream to take some of the pressure off the other two revenue sources. But that will never happen. I'd love to see a carbon tax as well.

As for your list above, interest is already treated as ordinary income (but who gets interest anymore, anyway?). I'd go with a mark-to-market tax on capital gains and reduce the estate tax allowance to $2 million and set the rate at 60%.

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