What we need is a MASSIVE overhaul of national taxation so it doesn't discourage savings and capital investment in the USA. The current tax code is rife with corruption, is 70,000-plus pages of tax law so complex that even the IRS can't figure half of it out, costs Americans just about US$500 BILLION per year in compliance costs, and drives millions of jobs, thousands of factories, hundreds of corporate headquarters, and (by some estimates) around US$15 TRILLION in American-owned liquid assets to foreign financial institutions as a means of income tax avoidance.
Economic and political insanity, in my humble opinion. Maybe it's time to seriously look at the no-loophole flat rate tax proposed by Steve Forbes in 1996 _at minimum_ as the tax reform, a reform that would encourage savings and capital investment staying in the USA and free up as much as US$375 BILLION per year now spent on tax compliance for more productive purposes.