Posted on 02/13/2017 8:28:29 AM PST by Sean_Anthony
Freakouts happen quickly. Overhauling an entire tax code takes a little longer
We dealt with this same thing last week with regard to ObamaCare. Trump has now been president for 24 days, and because he hasn’t rolled out his comprehensive plan to overhaul every aspect of the status quo, people are freaking out that it’s never going to happen. In recent days much of the panic has focused on taxes, which prompted Trump to tell airline executives during a meeting on Thursday that they should expect something soon:
I read that the current tax code is over 27,000 pages long. How about a flat 17% income tax (Milton Friedman’s number) on income. No deductions, no prebates, everyone pays it on all sources of income. You could file your tax return on a postcard and gov’t regulations and tax effects on the allocation of resources disappears. Indeed, if every source of income (e.g., employers, investment sources, etc.) collected the 17%, you wouldn’t even need to file a tax return.
Because in less than 10 years we will be right back where we are today.
More import tariffs and less income taxes.
Yup.
Middle class working folks deserve a tax break/restructuring of the tax code. Enough already. Between federal, state, county, local taxes/fees/levies, we pay near 45% of our income.
That’s better than we have today...I’ll take it.
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