This chapter discusses the need for fundamental tax reforms in the United States. It argues that except in extraordinary circumstances, the minimal requirement for a tax system should be that it raises sufficient revenue to pay for government expenditures. A good tax system should do so fairly, keeping its costs of compliance and administration as low as feasible, and finally, should promote freedom by interfering minimally with private decision making. The chapter argues that the tax system of the United States fails on every count. It also argues that the time for fundamental reform has come, and that if the U.S. government does not solve the problem of a grossly inefficient system of raising revenue, all the other challenges it faces will eventually be overwhelmed by one overarching reality, which is of having too little money and lacking the means to raise it without damaging the economy.