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Opinion

6 ways to make tax reform happen

Here are six ideas that can guide Congress to a tax reform-deal that both parties should be able to live with – a deal that will raise necessary revenue and help pay down the debt.

5. Restructure benefits to low-income taxpayers

Tax benefits for low-income taxpayers and families with children are exceedingly complex. Instead of the confusing Earned Income Tax Credit (EITC), Congress should consider implementing a large, simple, refundable earnings credit. This would better encourage work and automatically provide needed money to low-income workers without any sort of complicated enrollment process.

The Bipartisan Policy Center recommends a 17.5 percent refundable credit on an individual’s first $20,000 of income, providing a large, understandable incentive to work and helping to lift people out of poverty.

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