Real tax reform means we all give up some of the goodies

Now that Congress is back in session, this year’s budget is passed, and we’ve all had a look at the President’s birth certificate and Osama bin Laden’s villa in the Pakistani suburbs, it’s time to get down to some real work: comprehensive tax reform.

The last time the nation’s funding mechanism was overhauled was a quarter century ago, when the Tax Reform Act of 1986 simplified the tax code and cut off some rampantly abused shelters and unsustainable exemptions. It was hailed as a triumph over special interests, but over time lobbyists’ loopholes have crept back into the code.

Back then, taking…