United States Tax reform

revenue reform train stopped vested interests, local issues, trusts, , other poles — political cartoon 1880–1900 commenting on tax reform.

there have been many movements in united states reform collection , management of taxes.

during late 19th century, american economist henry george started global movement tax reform. aim of movement abolition of forms of taxation other single tax on land value. effects of movement on taxation policy, although diminished, can seen in many parts of world including australia, new zealand, hong kong, taiwan , singapore. efforts promote form of tax reform in united states continue under aegis of organizations such henry george foundation of america.

in 1986, landmark tax reform passed in tax reform act of 1986. in 1990s, reform proposals arose on double-taxation of corporate income, large report in 1992 internal revenue service (irs).

during bush administration, president s advisory panel federal tax reform recommended removal of alternative minimum tax. several organizations working tax reform in united states including americans tax reform, americans fair taxation , americans standing simplification of estate tax (asset). various proposals have been put forth tax simplification in united states, including fairtax , various flat tax plans , bipartisan tax reform proposals.

in 2010, fareed zakaria proposed described grand bargain tax reform economic adversaries paul krugman , niall ferguson; attempt bridge political divide creation of simple , indirect federal sales tax. representative chaka fattah of pennsylvania introduced bill, h.r. 4646, called debt free america act introduce 1% financial transaction tax , eliminate federal income tax. has introduced bills calling similar tax reform since 2004, bills have never made out of committee.

president obama’s tax reform proposals highlighted in administration’s 2013 united states federal budget proposal , in framework corporate , international tax reform presented administration. while of these proposals have become irrelevant due “united states fiscal cliff” agreement @ end of calendar year 2012, these policies present center-left approach tax reform. in general, proposals involve marginal tax rate increases, marginal tax rate decreases, , base broadening closing, canceling, or limiting tax loopholes, deductions, credits, or other tax expenditures top income earners , corporations.

in december 2017, senate passed tax cuts , jobs act of 2017.