Reading "The Man Who Ran Washington, the Life and Times of James A. Baker III"
On page 250 Baker, who's just moved from chief of staff to Reagan to be Secretary of Treasury is about to work on tax reform. The authors describe the current situation in terms which sound familiar today: many big corporations not paying any taxes, effective tax rate low, multitude of loopholes etc.
As they describe the eventual 1986 tax reform act, it almost sounds as if it's something Biden could buy. Top rate 33 percent (using a surtax) with 35 percent on corporations. Eventually passed comfortably with bipartisan support.
Times have changed.
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