Opinion | Washington Needs the Tax-Reform Spirit of '86
- Dems and GOP urged to relive the 1986 tax-reform glory days.
- Trillions in loopholes targeted for the chopping block.
- Bond markets are panicking over the government's addiction to red ink.
- Pro-growth rhetoric meets the reality of ballooning deficits.
Brief Summary
Opinion columnists are once again dusting off the '86 tax reform playbook, hoping to convince Washington that it can actually balance a checkbook. The argument is simple: stop the bleeding by nuking the loopholes that allow the ultra-wealthy to dodge their share while the national debt spirals into orbit.
Why This Matters
You are currently footing the bill for a federal government that spends money it doesn't have, which eventually drives up the cost of everything you buy. When the bond market gets the jitters over federal deficits, interest rates climb, making your mortgage, car loans, and credit card debt more expensive. If Washington actually gets serious about closing loopholes instead of just printing more money, you might finally see a shift that stabilizes the dollar and stops the inflationary drain on your bank account.