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Is real tax reform possible?

August 3, 2013

The Max & Dave Traveling Tax Reform Tour has so far made stops in Minneapolis-St. Paul and Philadelphia.

The road show's top act, Senate Finance Committee Chairman Max Baucus (D-Mont.) and House Ways and Means Chairman Dave Camp (R-Mich.), insist that there's a good chance they'll be able to shepherd through some sort of tax reform before both relinquish leadership of their Congressional panels.

We shall see.

All talk, little action: Americans love to complain about taxes, both how much we pay and how our Senators and Representatives spend our money.

But we also fight changes to the tax code when it means we will personally lose a tax break.

And lobbyists who get paid humongous retainers to argue for tax benefits for special industry and corporate interests are even worse.

According to data cited in the infographic below, compiled for Master of Accounting Degrees, despite our complaining, tax reform tends to be at the bottom of Americans' national to-do list.

No Confidence: America's Declining Opinion of Tax Policy

Image compliments of Master of Accounting Degrees

So what about you? Do you believe we U.S. taxpayers will ever accept that we might personally need to surrender a favorite tax break in order to make the tax system simpler for everyone?

Do you see Baucus and Camp getting enough public support to justify their tax reform efforts?

Do you think we'll see any type of tax rewrite this year? If not, do you think it's possible for Congress to tweak tax laws in an election year?

Or will 2014 just be 10 long months of politicians using taxes as a campaign cudgel leading up to the November mid-term votes?

You also might find these items of interest:

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The More Tax Posts tab at the top of this page will take you to, well, more tax posts. You also can search below for a tax topic. 

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TAX-SAVVY WAYS 
TO WRAP UP 2026

It’s over! With October’s extended filing deadline behind us, it is now time to focus on year-end moves to reduce your 2026 tax bill. 

You’ll find ways to do just that on the Tax Tips page (see the More Tax Posts drop-down menu at the top of the blog), as well as the separate tax tip pages for each month, notably October through December. If you’re on the Tax Tips page, you’ll find a monthly list at the end of this column. If you’re on another blog page, you can head straight to the October tips; at the bottom of that tips page you’ll find links to all the other 11 months’ collections of tax advice.

Not to spoil what you’ll find in that tax advice, but it does cover such things as tax deductions for charitable donations, investment moves that could reduce tax due, and ways to max out your tax-favored retirement savings. 

Finally, as the year winds down, things get hectic. There are lots of other things to occupy our time, like the much more fun upcoming holidays. But don’t lose sight of taxes, since timing is key. To be of use, most tax moves must be made by the end of the tax year. That’s Thursday, Dec. 31, which also is the last business day of the year. 

So that you don’t miss that final tax year deadline, also keep an eye on the countdown clock below. It will keep you on top of just how much time is left to make important, tax-saving moves. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

Comments
  • Well I am going to have to go with the later. As it has been for countless elections in the past so will this one to come and future ones after this.
    Tax reform will be the platform/campaign to rally us all. Personally I would like to see Americans take the stand on reps that will vote in term limits. With the right numbers and the seats changing, I believe it would eliminate a lot of the behind the scene lobbying funds to those who have been there for 30 and forty years.

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