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1 Erica York, et al., 10 Tax Reforms for Growth and Opportunity 1 (2022)

handle is hein.taxfoundation/txrfms0001 and id is 1 raw text is: 10 Tax Reforms for Growth and Opportunity FISCAL Erica York Economist FACT Will McBride Vice President of Federal Tax and Economic Policy Garrett Watson Senior Policy Analyst No. 787 Alex Muresianu Federal Policy Analyst Feb Alex Durante Federal Tax Economist Daniel Bunn Vice President of Global Projects Key Findings • The waning pandemic and robust economic recovery have come with many benefits-plentiful jobs and fast-growing (nominal) incomes-but also serious challenges such as high and rising inflation. • Rather than pushing for more fiscal stimulus or leaving it to the Federal Reserve to handle inflation through higher interest rates, policymakers should focus on boosting the productive capacity of the economy by reforming the tax code to prioritize economic growth and opportunity. • In terms of business taxation, the tax code should be improved to encourage investment, innovation, dynamism, and competitiveness, leading to more and better jobs. • In terms of individual taxation, streamlining benefits, cleaning up complicated provisions, and eliminating tax penalties on saving would help families enjoy financial security and the returns to their work and saving. The Tax Foundation is the nation's leading independent tax policy research organization. Since 1937, our research, analysis, and experts have informed smarter tax policy at the federal, state, and global levels. We are a 501(c)(3) nonprofit organization. ©2022 Tax Foundation Distributed under Creative Commons CC-BY-NC 4.0 Editor, Rachel Shuster Designer, Dan Carvajal Tax Foundation 1325 G Street, NW, Suite 950 Washington, DC 20005 202.464.6200 taxfoundation.org

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