Businesses and individual taxpayers have waited a long time for the federal tax system to be overhauled. They might not have to wait much longer, with Republicans in control of Congress and an incoming president who says he can boost the economy by cutting taxes.
The nation’s corporate tax rate, one of the highest in the world, is a prime target. If President-elect Donald J. Trump gets his way, personal income taxes — particularly for the wealthiest earners — also would drop, the estate tax would go away, and tax rules might be simplified.
Those and other provisions would add up to the most significant changes in federal tax codes since the Tax Reform Act of 1986 under President Ronald Reagan. Like Reagan’s reforms — and those carried out under other presidents — they would surely become part of Trump’s legacy.