On this episode of The Heartland Institute's weekly Budget & Tax News podcast, managing editor and research fellow Jesse Hathaway talks with Mercatus Center at George Mason University's Spending and Budget Initiative program manager Adam Michel about a new study on which he collaborated, about how the US tax code is holding back the nation's prosperity-building power, and how common-sense tax reforms could unleash the nation's economic beast and make America great again.
According to Michel, an ideal tax code is one that's simply, efficient, equitable, and predictable. Michel explains how our current tax system has none of these qualities, and how these qualities effect the amount of revenue government receives. Americans of all income levels believe the tax code is unfair. This perception is largely fueled by the code's loopholes, or provisions intended to benefit or penalize select individuals and groups. Instead of benefiting some at the expense of others, Michel explains why lawmakers should reduce or eliminate provisions favoring one group or behavior over others.