Gregg: We Need Tax Simplification

Many experts say our tax system is deeply flawed, and former New Hampshire Republican Sen. Judd Gregg agrees. We need to make the system simpler and fairer, he says in The Hill reports.

“America’s tax policy is a disaster. It is excessive, convoluted, chaotic, counter-intuitive and a general mess,” Gregg writes in an opinion piece.

“Alan Simpson and Erskine Bowles, the co-chairmen of the president’s fiscal reform commission, proposed a workable template. Make the federal tax system simpler, fairer (keeping it progressive) and oriented to capital formation and the promotion of individual entrepreneurship.”

As part of that, the corporate tax rate should be cut sharply, and we should shift to a territorial system that will encourage companies to expand in the U.S. rather than sending jobs overseas, Gregg says.