And the Econ 101 lesson on tax incidence shows that consumers pay much of the corporate tax, not the company. And separately the controversial debt limit needs to be addressed no matter what (hopefully with parallel cuts in regulatory costs), and that debate will influence the trajectory of tax reform. From 2013 to 2015, each annual Internal Revenue Bulletin edition contained some 300 guidance documents; back in 2002-2008, about 500. When one sees such document proliferation from the IRS, an impartial observer might surmise the time for tax reform and simplification has arrived. In more ways than one, tax reform and regulatory reform go hand in hand.

Source: Forbes August 30, 2017 23:26 UTC