Tax Reform is a proposed method to benefit taxpayers, by lowering the tax rate in which taxes are deducted from individuals and Corporations. Here is what is said on the Wikipedia page about Tax Reform in the United States as well as its history:

“Tax reform is the process of changing the way taxes are collected or managed by the government.
Tax reformers have different goals. Some seek to reduce the level of taxation of all people by the government. Some seek to make the tax system more/less progressive in its effect. Some seek to simplify the tax system. Some may be trying to make the tax system more understandable, or more accountable. Many organizations have been set up to reform tax systems worldwide, often with the intent to reform Income taxes or Value Added Taxes into something considered more economically liberal. Other propose tax systems that attempt to deal with externalities. Georgism claims that various forms of land tax can both deal with externalities and improve productivity. There have been many movements in the United States to reform the collection and management of taxes. As the United States was still being formed, the Whiskey Rebellion of 1799 may be considered to be the first effort for tax reform in the United States. President George Washington led 12,950 troops to western Pennsylvania to put down the rebellion.”

So as you can see there seems to have always been ways to reform the way taxes are collected. This new bill has met with pros and cons. Some believe that it will help the economy while others think that it won’t, and that in the end the tax-payers will still end up paying for new Tax Reform. There is a great article on CNN that outlines Tax Reform, how it can help the economy and the argument on the other side that it won’t. You can access this article at the following URL to read more on this subject:

http://money.cnn.com/2010/12/10/news/economy/tax_reform/index.htm

http://en.wikipedia.org/wiki/Tax_reform