Republican presidential candidate Mitt Romney has made tax reform a centerpiece of his campaign. His catchphrase description of the proposal is “lower the rates and broaden the base,” a concept that enjoys support not just from other Republican candidates, but also from Federal Reserve Chairman Ben Bernanke and the Bowles-Simpson Fiscal Commission.
But that catchphrase immediately introduces a problem: for the most part, only wonks know what “broaden the base” means. What follows is a two-step clarification of the concept.
Read Full Article »