Next Monday is Tax Day, the last day for Americans to file their 2021 tax returns. This year’s Tax Day coincides with President Biden’s recent proposal to raise taxes on small businesses, corporations, and individuals by $2.5 trillion. His plan would partly reverse the Tax Cuts and Jobs Act signed at the end of 2017 that led to historic shared economic prosperity in 2018 and 2019.
While Biden is seeking to contract the size of the private economy through tax increases, numerous states are making positive reforms, including cutting taxes, to expand economic opportunity and well-being for their residents. Rather than fixating on Washington, policymakers can harness these best practices in the states and, eventually, adopt them at the federal level when the political climate allows. Call it the Great Opportunity Project.
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