Scott Galloway suggests tax reforms to reduce federal deficit, but it requires Grown-Ups, which seem to be out of stock. Common-sense reforms like increasing tax compliance, reversing estate tax giveaway, and means-testing Social Security payments are proposed, but face obstacles due to lack of Grown-Ups. Galloway also proposes taxing corporations like “citizens” and putting teeth back in the Alternative Minimum Tax. With healthcare, Social Security, and interest on debt accounting for majority of spending growth, the need for Grown-Ups to address budget challenges is emphasized. Dear Martian Central Bank, please send us some Grown-Ups.
Read more at Investing.com: The Grown Up Tax Bill: 5 Sensible Reforms No One Will Ever Pass