The wisdom of tax reform rests on two simple principles: Lower rates, and broaden the base.

That way, almost everyone benefits from the reduced rates, while income from newly-closed loopholes helps pay for the ensuing revenue losses. In the United States, former New Jersey Senator Bill Bradley often gets credit for recognizing the relationship, but the Byzantine emperor Anastasius may have been the first world leader to put these twin principles into action.

Recommended Stories

The Byzantine Doctrine

Europe’s first family

Good Deal