Total Tax-Code Termination?

It would be the ultimate fiscal cliff. A group of House Republicans wants to put an expiration date on the 75,000-page U.S. tax code. The Tax Code Termination Act would require the repeal of the entire code in 2017 — except for the bits dealing with Social Security and Medicare — with a new system ready to go for the following year.

Of course, the U.S. economy would benefit from major tax reform that eliminated the current bias against investment, axed crony-capitalist tax breaks, and lowered marginal rates on individuals and business as much as possible. But Republicans can put aside any fantasies of starting 2018 with a flat income tax or a national sales tax such as the Fair Tax, two popular right-of-center alternatives to the status quo.

Read more: http://www.nationalreview.com/articles/338947/total-tax-code-termination-james-pethokoukis