Three Tax Issues:
Comment and Controversy
Is the U.S. Tax System Equitable?
"More than any single thing, high rates of taxation destroy the incentive to earn, to
save, to invest. They cripple productivity, lead to deficit financing and inflation and
create unemployment. We can go a long way toward restoring the economic
health of this country by establishing reasonable, fair levels of taxation."
President Ronald Reagan
"For years, tax reform has been like the weather: everybody talked about it, but
nobody did anything about it....
Congress must prove to the American people that government can act, and
The Senate, by passing the 1982 tax bill, has taken steps to inject a healthy
dose of balance and equity into the tax code. Fully three-fourths of the new revenue
generated by this bill will come from measures to close loopholes, broaden the tax
base and collect money from the tax-avoiders of the underground economy. For
the most part, the bill will hold down the deficit by making those who are unfairly
or illegally avoiding taxes pay their fair share....
...It both improves the fairness of the tax system and simplifies it while at the
same time preserving the savings and investment incentives that are necessary for
William V. Roth, Jr./Senator(R), Delaware