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Bipartisan Tax Reform Update

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In an update to an item from last week, Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) discussed their bipartisan tax reform plan in today's Wall Street Journal.The plan would:

  • reduce the number of tax brackets from six to three—15%, 25% and 35%—and simplify the tax code for individuals and families by eliminating the alternative minimum tax.
  • exempt taxpayers from paying taxes on the first 35% of their long-term capital gains income.
  • create a flat corporate tax rate

According to Wyden and Gregg, their plan is "a comprehensive approach to tax reform that will give all Americans an opportunity to get ahead."  The question for taxpayers is, is this best that can be hoped for in the next few years?