What to Do About Tax Reform

You can't keep marginal rates low if you allow deductions for such items as mortgage interest.

Tax reform is the number-one concern of financial markets.

The first big item is how we should tax the returns on savings, specifically dividends and capital gains. Some argue that we should exempt these sources of income because saving is necessary for economic growth and because the income that investors receive has already been taxed, when it was earned by the company.

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Jeremy J. Siegel
Contributing Columnist, Kiplinger's Personal Finance
Siegel is a professor at the University of Pennsylvania's Wharton School and the author of "Stocks For The Long Run" and "The Future For Investors."