If there must be an income tax it should be flat (a single straight percentage for everyone regardless of income and regardless of source of income), and universal - no exemptions, exclusions, deductions or credits; just a simple straight flat tax everyone pays.
Tax reforms such as you mention have been talked about over the years. But we never see the political will to take these actions.
I wonder if it’s because people are afraid of losing their home mortgage interest deduction, property tax deduction, income tax deductions, charitable contributions deductions, and others.
And for businesses, if we were to say that businesses could no longer take depreciation deductions, and other deductions for business expenses, that would be a major change for the business world to absorb.
“If there must be an income tax it should be flat (a single straight percentage for everyone regardless of income and regardless of source of income), and universal - no exemptions, exclusions, deductions or credits; just a simple straight flat tax everyone pays.”
Agree. That way, even the poorest have money in the game when our corrupt congress critters try to pass a tax increase. (Note: “Corrupt” was not needed in that description, it is self-evident.)
But without those carrots and sticks, how is the government supposed to manipulate us into making the "correct" decisions? And after they go through all that hard work to figure out what's best for us?