A look at Hungary's experience with tax reform

After many years as a recurring topic of campaigns and political debates, the Trump Administration recently submitted a tax reform package to Congress. It is designed as the beginning of a longer process of simplifying not only the tax code (now 74,000 pages) by eliminating loopholes, handouts, and exemptions, but also making the United States more competitive and productive.

The debate promises to be lengthy and difficult. Tax systems do not just provide funds for various government services, but are also critical elements of competitiveness in the shrinking global market. They encourage or discourage growth essential for the well-being of the citizens.