While TCJA made significant changes to the tax system there were a number of significant tax related issues that werent addressed by TCJA. Following are some of the key unaddressed problems:

National debt/deficitMany economic and tax commentators have noted that the national debt has continued to grow, and many are sounding the alarm that the level of debt is going to cripple the economy. The TCJA was not designed to reduce the national debt or deficit. Instead, it was designed to be revenue neutral.

Health Care Tax PolicyThe rising cost of health care and the question of whether we should provide universal health care coverage to our population at large has been a central tax policy question for over a decade. While the Affordable Care Act (Obamacare) created universal healthcare, subsequent changes have impacted its long run viability. TCJA did not address its long run viability.

Social SecurityThe Social Security system is set to be insolvent by the year 2033. Despite this approaching date, the TCJA did not address making the system more solvent.

Sunset ProvisionsAs noted above, many of the individual provisions of TCJA are set to expire in 2025. Some tax commentators have argued that this creates considerable uncertainty in our tax system.

Polarization of IncomeOne concern is that our society is losing the middle class as taxpayers are being pushed into the categories of high income or low income. The tax system can be used to enhance and benefit the middle class. Some have argued that TCJA did not do enough to help the middle class so it contributed further to the polarization of income.

ComplexityOne frequent concern with the federal income tax system is that the level of complexity of the system continues to increase. TCJA did not simplify the system. In fact, some of the newly added provisions add considerably to the complexity for certain taxpayers. The concern is that increases in complexity will make it more difficult for taxpayers to comply with the system.

Which do you think is most important to address in the near future? Why? Provide your reasoning why this issue is more important than the others. Also include any actions that you think could be taken to address the issue.

Which do you believe is least important? Explain your reasoning why it is least important.