‘Here we go again,’ says K Street as Democrats renew push for tax hikes

‘Here we go again,’ says K Street as Democrats renew push for tax hikes

A Democratic wish list contains 12 examples of the types of “tax loopholes” that they would like to see closed in a year-end budget deal. Most have been proposed many times before. Combined, the items on the list would raise $264 billion in revenue over 10 years, more than enough to switch off two years' worth of the automatic budget cuts known as sequestration.
Democrats say they won’t consider cutting entitlements in a deal unless Republicans end “egregious” tax loopholes for the rich and large corporations.  Owners of corporate jets, vacation homes and yachts would take a hit if Democrats got their way. Hedge fund managers and heirs would pay a higher tax rate, while businesses with overseas operations would see deductions eliminated.
That said, many are irritated at having to fight the same battles again.  
The best option for all the above is to throw out the old tax code and implement a more streamlined tax code such as the flat tax or many other options that are floating around.  It is time to stop using the tax code to manage social and economic policy!