Tax reform perpetually tops policymakers' lists for ways to grow the economy, but a generation has passed since the last successful effort, the Tax Reform Act of 1986. This is because of a simple political reality-it's hard. But not, I believe, impossible.

Today, American Enterprise Institute (AEI) economist and tax expert Alex Brill released a pro-growth, progressive, and practical tax reform proposal. Brill explains that six simple changes to the tax code can create an economic environment that improves our global competitiveness.

Tax Analysts' Martin A. Sullivan recently sat down with Alex Brill, a research fellow at the American Enterprise Institute, to discuss his tax reform plan, which he hopes can win bipartisan support.

The following is a summary highlighting testimony by AEI Director of Economic Policy Studies Kevin Hassett to the Joint Economic Committee at a hearing entitled "How the Taxation of Capital Affects Growth and Employment."

The one thing on which our political leaders seem to agree is the need for corporate tax reform. But amid all of the promising rhetoric there is significant cause for concern. Many proposals, particularly those of Messrs. Obama and Santorum, seem to have unlearned many of the lessons of modern economics.

The Tax Reform Act of 1986, enacted 25 years ago last Friday, showed how a tax reform that includes lower rates can change incentives in a way that grows the tax base and produces extra revenue.

The United States has not cut its corporate tax rates since 1993 and has been left behind while the rest of the developed world races to cut rates and attract investment. To promote economic growth, help workers and increase revenues, we need an "effective" tax reform sooner rather than later.

This Outlook outlines six simple—and bipartisan—changes to the tax code that can help the country move toward a tax code aimed towards economic growth and away from complex regulations and political favoritism.