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We are at a critical juncture in our great experiment. I believe we need a grand bargain that provides necessary revenues, reduces structural inefficiencies in the public sector, and promotes private sector growth. A radical overhaul of our system of taxation would kill all three birds with one stone. Minor tweaks — like raising the nominal tax rate on the wealthy — are counter-productive.
Imagine, if you will, a tax reform bill engineered by Rep. Tom McClintock (practical ideologue) and signed by President Obama (practical ideologue). That Twilight Zone episode ends with happy citizens more efficiently deploying their human capital and singing the praises of the heroes that made it happen.
Go big or go home.