Tax Talk: Volume 9, Issue 4

EDITOR'S NOTE

Tax Talk doesn't remember much about 1985. But we do remember that, after Ronald Reagan was re-elected president in 1984, tax reform was a very hot topic (remember the Tax Reform Act of 1985?). Anyway, for all the talk, it took Congress until October, 1986 to come up with the landmark Tax Reform Act of 1986. We're not saying it will take that long for fundamental tax reform this time around but, for all the talk of Big Tax Reform, we are still only looking at two "plans" actually in writing: the one on the President's campaign website (three pages—and we're being generous) and the one the House Republicans released last June. As discussed in our article below, the rest is speculation, including about how a "destination based cash flow tax" ("DBCFT") would work.