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Tax reform should focus on raising sufficient revenue. It should make the tax system more equitable and efficient. Reforms should:

Reforming business taxes, such as the corporate tax or a tax on the financial industry, should be considered in any effort to raise additional revenue.

States with income taxes should allow credits for taxes paid by their residents to other states so that no taxpayer is subject to double taxation.

Policymakers should broaden the tax base by limiting tax preferencesPro

A progressiveIn taxation, a situation in which people with lower income

Raise adequate revenue—the tax system must produce enough revenue to pay for important national, state, and local priorities.

Policymakers should not increase the taxation of Social Security benefits. People with low and moderate incomes should be exempt from paying tax on their benefits.

Policymakers should not tax the actuarial value of MedicareMedicare is

Limitations on the exclusions for other employer-provided benefits—such as life insurance, tuition, and parking—are a desirable method of broadening the tax base and making

Lawmakers should maintain the tax-deferred status of employer-provided pensions as a critical way of promoting retirement savings.