In recent years, federal tax reform discussions have centered on comprehensive tax reform. This label does not always seem to fit though. Congressional attention is mostly focused on broadening the income tax base to lower tax rates and to move to a territorial system, at least for business income. Tax reform is a significant task, last done 30 years ago with the Tax Reform Act of 1986. Assuming major tax reform happens only every few decades, it is important to do more than match revenue generated from the reduction of a few of the over 200 income tax preferences to reduced income tax rates. While this would improve the tax system, more work is needed to best ensure the creation of a modern and efficient tax system.
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