5 Tax Reform Lessons from the Tax Experts

The Tax Foundation highlights 5 lessons that legislators can learn from the tax reform process in North Carolina, Indiana, Kansas, and Oklahoma:

• It is a process.  Be patient. Be methodical. Be thoughtful
• It is not just about cutting revenue. Must also identify tax or spending changes to offset the cuts
• Must contain spending controls. Tax reform and spending controls must by symbiotic.
• Design Tax triggers. When a certain revenue level is reached, a trigger can lower taxes, but it must be tied to starting point for the revenue level. A simple increase of revenue alone isn’t enough.
• It is worth it. Greater economic opportunity does come from tax reform

Tax Foundation | Arkansas Tax Reform: Lessons from Other Legislators