Only the first paragraph appears to be about this topic. Just posting a link, for discussion.
I’m always concerned that the offsets never seem to bring in nearly as much revenue as projected.
and we have to hold the senate and house to slash the budget.
I like the "I win" tax form.
Although the plan has merit, it will not be the net that drags in revenue for all of the tax cheats out there.
Remember: The system is based upon WHAT YOU TELL THE GOVERNMENT what your income was. If you don’t tell them, they won’t know. Whores, criminals, drug dealers, illegals and a whole host of parasites upon the honest tax-paying citizens simply are invisible to the tax system.
The only fair tax is a tax based upon consumption. Every state has one and it’s called a sales tax. EVERYONE pays it when they purchase something. Resellers, manufacturers, wholesalers, retailers, and a host of other businesses that make or sell products already collect that tax for the state.
Better yet, the taxing agencies ARE ALREADY IN PLACE in each state’s tax collection system. It can be done overnight!
No.....that ain’t gonna happen because it would put millions of people whose jobs exist due to the outrageous and complicated tax system we now have.
Individuals would be free of all record keeping requirements and better yet, would finally be back under the protection granted under the Constitution of “self-incrimination” demanded by the laws of our Internal Revenue Service.......”you are guilty until you prove yourself innocent.” Along with that you don’t have to disclose information under duress as the IRS now does.
HOORAY Trump
The paragraph below is all a link to Richard Rahn's item in WT.
I am quite disappointed that Trump is for retaining the same system that has been reterding the economy for a century. Keeping things like they are, just diddling with the rates a bit, accomplishes very little long term. Congress and the president will raise the rates and add more brackets. These things have been done before.
Push for a Constitutional Amendment pegging the rate at 10% (I prefer 9%, but that's me) and eliminating the possibilities of exemptions, deductions, credits and any other modifications of the basic rate. That not only clears the deck for an economic upwelling but makes the condition permanent. It also ties every wage earner into the system and there is not a large pool of non-taxpayers who are an inevitable constituency for government spending due to the spending being perceived as coming from other people's money.
Another tax idea would be to return to the way government was financed in the 19th century. Abolish the income tax altogether and impose excise taxes and a uniform rate tariff for the raising of revenue only. That method , however, leaves a lot of room for the Congress to raise the tariff, stifling trade, and to use the excise the same way the income tax is used, for social engineering and micromanaging consumption.
Of course if the EPA is abolished, and the FDA restricted to guaranteeing weights and measures, a requirement of the federal government in the Constitution, is combined with killing business taxes, we would start a whole new immigration flood of American businesses and industries moving back on shore and foreign ones emigrating to the USA. Wages would rise sharply and automation would become mor necessary as there are simply not enough workers to staff all the industry that would come in.
Then if federally funded or mandated welfare were to be eliminated... WOW! China would be left economically in the dust of America in a couple of years.
I’ll go along with eliminating the Alternative Minimum Tax (AMT). It’s just an unnecessary complication that generates too many gotchas.
I am by tax reform like I am by immigration reform....show me a secure border first and show me the spending cuts first.
Ping for later.