[Verse 1] When we talk about what's fair in tax design There's horizontal equity we define People with the same income should pay the same While vertical equity plays a different game Those who earn more should contribute their share It's about making the burden fair [Chorus] Four fundamentals guide the way Equity, efficiency every day Progressive rates that climb up high Tax expenditures we can't deny Static or dynamic, how we score These are the concepts at the core [Verse 2] Efficiency means don't distort the choice Simplicity gives taxpayers a voice Administrability keeps the system running clean The easiest path for the revenue machine Three pillars holding up the tax code strong Helping us know right from wrong [Chorus] Four fundamentals guide the way Equity, efficiency every day Progressive rates that climb up high Tax expenditures we can't deny Static or dynamic, how we score These are the concepts at the core [Verse 3] Progressive taxation means the more you make The higher percentage that the government will take Marginal rates apply to brackets as you climb Each dollar taxed according to its time Ten percent then twelve then twenty-two Higher income, higher rates pursue [Bridge] Tax expenditures are spending through the code Deductions, credits lighten up the load The tax expenditure budget shows the cost Of revenue through preferences we've lost [Verse 4] When Congress wants to know what bills will bring Static scoring keeps behavior as one thing But dynamic scoring tries to see the change How taxpayers might rearrange Will they work more or will they work less Both methods help us assess [Chorus] Four fundamentals guide the way Equity, efficiency every day Progressive rates that climb up high Tax expenditures we can't deny Static or dynamic, how we score These are the concepts at the core [Outro] Horizontal, vertical, keep it fair Progressive brackets everywhere Expenditures and scoring too Tax policy fundamentals guide us through
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