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Good: They propose eliminating the insidious Alternative Minimum Tax and dramatically reducing tax rates - including the corporate income tax rate, a vital reduction if we’re to remain internationally competitive.

Bad: They call for increasing tax rates on capital gains and dividends and eliminating accelerated depreciation, thus raising taxes on capital investment. This would be exceedingly harmful to the economy. They also recommend eliminating all “tax expenditures” across the board - another huge tax increase. Some of these credits and deductions should be eliminated or reformed, but others should not. Instead, proposals such as these should be considered as part of a systemwide revenue-neutral tax reform - one that will grow the economy and thus produce stronger tax revenues.

Mr. Bowles and Mr. Simpson deserve credit for jump-starting the serious discussion of some of the choices the nation must confront - a larger and longer public discussion about the fundamental changes needed in the size and scope of government.

Alison Acosta Fraser is the director of economic policy studies at the Heritage Foundation. This article first appeared in AOL News.