Nancy Kopp

U.S. Tax Reform: What's New, What Would It Mean?

Jared Bernstein, Mark Everson, Nancy Kopp, Phillip Swagel, Liz Claman, Phil Swagel

Prominent experts including former IRS Commissioner Mark Everson and Milken Institute officials Phil Swaggle and Jared Bernstein convened to analyze U.S. tax reform priorities following the financial crisis, focusing on the inefficiencies of current tax expenditures like the mortgage interest deduction and carried interest. The panel identified a critical need to close the $300 billion annual tax gap and eliminate barriers such as the Alternative Minimum Tax that hinder small business innovation and domestic R&D investment. Despite consensus on the necessity of capping deductions and ending corporate tax deferral, the group acknowledged that political gridlock and rigid fiscal rules remain significant obstacles to comprehensive legislative action.