Reforming the Tax Code to Eliminate Subsidies and Implement a Simple Standard Deduction

The chapter emphasizes the necessity for lawmakers to eradicate recent tax subsidies, reaching over a trillion dollars, with future spending projected to reach up to $3 trillion. The proposed reform involves removing industry-specific benefits, like energy production investments and electric vehicle tax credits, in favor of a straightforward standard deduction for all taxpayers to simplify the tax system and enhance its economic impact.