Oops, I got it COMPLETELY wrong. Focused on the conusmption side, didn’t catch that it re-works the current income tax. So, uh, my bad.
got it, no prob. I wondered if I was missin something...
I like the idea but I don’t like the fact that the clowns in our current IRS will be “responsible” for the “transition”.
Instead, I’d like to see a tiny new Tax Department print the new tax form and offer it as an OPTION for our corporations and 1040 tax-payers.
Then we could have a slow VOLUNTARY changeover — not the chaos of stopping one complex multi-billion dollar tax system while trying to start another multi-billion dollar tax system on the SAME DAY.
Over several years, the deductions and credits and loopholes in the current tax system would be phased out. This process would permit people to adapt slowly — which is (frankly)what most of us do.