Wake up, America. U.S. Senator Ron Wyden (D-Ore.) introduced comprehensive tax reform legislation that contains major tax relief for America’s middle class. The senator’s website indicates that the bill makes the U.S. income tax code simpler, flatter and fairer.

Sounds great, doesn’t? Wait, there’s more. Wyden’s bill:

1. allows every taxpayer to file taxes on a simplified, one-page 1040 form;
2. collapses individual tax brackets from the current six down to three;
3. sets one, flat corporate rate;
4. ends the Alternative Minimum Tax for personal income taxes;
5. allows federal taxpayers who don't itemize to receive a tax break for state and local taxes;
6. ends a number of corporate tax preferences; and
7. allows the legislation to reduce the deficit by approximately $100 billion over the next five years.

Yippee! Break out the champagne. Come on, what’s not to like about this plan? It’s a sure bet that there will be much debate on this proposal. Problem is, it problem won’t get very far in the process. Why? Well, there are not enough “middle-class” politicians to make sure it happens and most important, voter apathy/ignorance will assure that it does not rate the appropriate news coverage.

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Labels: Politics, Taxes