By Scott A. Hodge, The Tax Foundation
One of the most obvious questions from Tuesday’s election results is: what does this mean for tax reform?
I think it certainly enhances the prospects of Congress and the president reaching a grand bargain on overhauling the tax code, however the likelihood that it will be this Congress and this president making such a deal seem pretty remote.
Even before the election, the conventional wisdom in the tax community was that fundamental tax reform would not be enacted until 2017, after the next presidential election. But, the success or failure of that effort was highly dependent upon three factors: