The US tax system needs rebuilding

Whoever wins this years US election, the combined effect of three events the expiry of former president George W. Bushs tax cuts, a renewal of the legally binding limit on federal borrowing and the start of a Congressionally mandated sequester, a mechanism that will automatically cut domestic spending from 2013 will force the president and Congress to engage deeply with fiscal issues. The decisions made will do much to determine the countrys future ... READ MORE

Lawrence Summers - Released by Financial Times - 26 February 2012