New York (CNNMoney.com) - Tax reform. For years, economists, tax experts and lawmakers have pushed for it, to no avail.
But now there is a bipartisan tax reform proposal from two prominent senators that has earned praise in policy circles and may jump-start serious consideration of the idea over the next year - a year marked by growing concern over U.S. debt.
Done right, experts say, tax reform should simplify the tax code, increase fairness and apply taxes at lower rates to a broader base of activities.
Among the goals: decrease tax avoidance and increase economic competitiveness.
The Bipartisan Tax Fairness and Simplification Act of 2010 - put together by Sen. Ron Wyden, D-Ore., and Sen. Judd Gregg, R-N.H., - arguably could do much of that to some degree.