Cato Podcast How to Achieve the Lowest Tax Rates in A Century
Jun 17, 2024
Exploring opportunities for substantial tax code reforms, navigating the tax code for lower rates and economic growth, and analyzing the costs and benefits of simplifying the tax code for potential economic growth and empowerment of individuals.
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Tax Reform Opportunity
- The 2017 tax cuts offer a chance for significant tax code reform.
- Eliminating roughly $1.5 trillion in loopholes could lead to the lowest tax rates in a century.
Subsidy Impact
- Tax subsidies often benefit specific industries, like insurance and universities.
- Eliminating these and simplifying the code could benefit the broader public.
Target Giveaways
- Lawmakers should consider eliminating giveaways to both Republican and Democrat-aligned groups.
- Focus on cutting subsidies from the Inflation Reduction Act and limiting itemized deductions.