How to Raise $1 Trillion without a VAT or a Rate Hike

We should be able to raise at least $1 trillion more revenue a year within the current income tax system just by making our tax accounting better reflect economic income. Our system has too many tax pits, which absorb revenue and distort investment decisions. We allow deductions for fictitious losses. We should tax high-class consumption better than we do. Moving toward a more comprehensive income tax base to make the…