The initial recommendations from the co-chairmen of the President’s Deficit Commission are far from perfect. The proposals should have cut back more aggressively on entitlement spending by blocking implementation of the monstrously intrusive Obamacare program, more abruptly raising retirement ages and slowing cost increases for Social Security and Medicare.
But on taxes, the Commission Leaders recommended bold, constructive reform and all conservatives should embrace their ideas. They suggest lowering top tax rates from 35% to 23%, and cutting corporate taxes from 35% to 26%, while actually increasing revenues by greatly simplifying the whole system, repealing loop holes and tax breaks across the board. This was the same approach President Reagan used in his epic tax reform of 1986--the last time our top rate dropped below 30% (Reagan got it down to 28%).
The basic gain isn’t just fairness, it’s freedom—rather than pushing and pulling people to do government’s bidding by offering various incentives or punishments, liberty will blossom with just three simple (and low) tax rates, and no complicated forms and rules and behavior distorting giveaways. When a bipartisan commission (set up by Barack Obama) puts this sort of radical--and much needed--tax reform on the table, Republicans should provide enthusiastic support.