The current income tax system has 75,000-plus pages of tax code so complex that it makes James Joyce's famously unreadable Finnegans Wake almost readable by comparison. And it's costing American residents over US$1 TRILLION per year in compliance and economic opportunity costs. No thank you.
Going to a flat tax like Forbes proposed would free up nearly $800 billion per year for more productive activities like actually growing a business. And that will trigger off the next American economic boom--a boom that will "raise the boat" of economies around the world in the long run.
While I like the idea of FairTax, we need this flat tax now so we have a transition period to put into place the entire mechanism for FairTax collections nationally before the income tax is finally phased out.
Ray, the IRS is liken unto a cancer in the body politic!
A “Flat Tax” transition to the FAIRtax will get no farther than K street!
Even if we could pass legislation mandating a transition to FAIRtax, the Perfumed Princes of the Evil Inside the Beltway Crowd of special interest groups and lobbyists will bribe the Congress to restore the income tax to its place of prominence in the country.
Here is why: said Perfumed Princes get and maintain their power, perks and multi-million dollar salaries based on their ability to manipulate the federal tax code to their advantage and to We the People’s disadvantage.
FAIRtax totally abolishes, along with the income tax and the IRS, that “feature” of life inside the Evil Beltway!
That is why we need to go straight to the FAIRtax!
Ray, I meant to say after my opening comment about the IRS being a “cancer on the body politic” that like a cancer, the IRS needs to be completely excised FRom the body politic.
Taking a cancerous tumor out a piece at a time has never worked, and never will work - the damn things metastasize!
Let us go straight to the FAIRtax - “transitions” are dangerous, and seldom work to We the People’s advantage.
Flat tax is better than what we have now - but it is still a tax on income.
Importantly, it is not border-adjustable.
Nevertheless, i’d support it over our current horrid mess.
FWIW there is already a mechanism in place for the collection of retail taxes.