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The Tax Foundation is the nation’s
leading independent tax policy
research organization. Since 1937,
our research, analysis, and experts
have informed smarter tax policy
at the federal, state, and global
levels. We are a 501(c)(3) nonprofit
organization.
©2022 Tax Foundation
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Editor, Rachel Shuster
Designer, Dan Carvajal
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10 Tax Reforms for Growth and
Opportunity
Key Findings
• The waning pandemic and robust economic recovery have come with many
benefits—plentiful jobs and fast-growing (nominal) incomes—but also serious
challenges such as high and rising inflation.
• Rather than pushing for more fiscal stimulus or leaving it to the Federal
Reserve to handle inflation through higher interest rates, policymakers should
focus on boosting the productive capacity of the economy by reforming the
tax code to prioritize economic growth and opportunity.
•
In terms of business taxation, the tax code should be improved to encourage
investment, innovation, dynamism, and competitiveness, leading to more and
better jobs.
•
In terms of individual taxation, streamlining benefits, cleaning up complicated
provisions, and eliminating tax penalties on saving would help families enjoy
financial security and the returns to their work and saving.
FISCAL
FACT
No. 787
Feb. 2022
Erica York
Economist
Will McBride
Vice President of Federal Tax and Economic Policy
Garrett Watson
Senior Policy Analyst
Alex Muresianu
Federal Policy Analyst
Alex Durante
Federal Tax Economist
Daniel Bunn
Vice President of Global Projects
TAX FOUNDATION | 2
Introduction
After more than two years of a global pandemic, people are eager to not just get back to normal, but
to thrive. The desire, coupled with major shifts in working and living arrangements, new technologies,
and new policies, presents exciting opportunities—and serious challenges—for American families
and businesses. Coming out o