Whatever form the final agreement to raise the federal debt ceiling takes, it will surely include some sort of promise that Congress and the president will pursue “tax reform” or a “tax overhaul.” It can’t be called a tax increase, but the purpose will be not just to close tax loopholes and keep basic marginal rates low, but also to bring revenues up from their current level of 14.4 percent of gross domestic product, a level last seen in the Truman administration.
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