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Two distinguished economists at Rice University"s James A. Baker III Institute for Public Policy have issued a report calling for the most comprehensive reform of the nation"s corporate and personal income tax system since Ronald Reagan was president.

The report by John Diamond, Ph.D., the Baker Institute"s Edward A. and Hermena Hancock Kelly Fellow in Public Finance, and George Zodrow, Ph.D., the Allyn R. and Gladys M. Cline Chair of Economics at Rice University and a Rice Scholar at the Baker Institute, examines the conditions that led to the passage of the 1986 Tax Reform Act (TRA86), the last major effort to update the U.S. income tax system.

Titled, "Fundamental Tax Reform: Then and Now," the report then compares those circumstances to today"s environment and concludes, "the conditions are right for another sweeping reform of the tax system and, indeed, the case for reform may be even stronger than it was prior to the passage of TRA86."