No reputable economist that I am aware of, for example, thinks it would be economically detrimental to eliminate the bias that our current tax system provides to foreign producers.
Not to mention make the United States an international tax haven for manufacturers.
Chairman of the House Ways and Means Committee,
Rep. Bill Archer (R-TX)
August 12, 1996
- "A recent survey was done, in Europe and Japan, of the major corporations and I was astounded at the results. They were asked, 'If the US abolished its income tax and went to a sales tax, would that have any impact on your decisions?' Eighty percent of the corporations said they would build their factories in the United States of America. Twenty percent said they would move their international headquarters to the United States of America."
Let's hope those corporations are willing to hire the old geezers who don't have enough money set aside for retirement. Job openings that go unfilled for want of people to fill them are not much help. The problem of an insufficient number of workers vs the number of retired people remains in the post 2016 time frame.