Imagine there was no income tax. It isn’t hard if you try…
But doing more than imagining is hard. Very hard. As the next chapter in my Tax Reform series, demonstrates, the federal income tax has a depressing number of upsides. Replacing it is thus more difficult than frequently advertised.
That said, replacing the income tax is also more worthwhile than advertised from a modern liberal perspective. If you want a narrower wealth gap or prefer Main St. stores to Wal Mart, you have reason to want to replace the income tax.
The term “flat tax” generally conjures up images of the latest Republican giveaway to the super rich.
But it doesn’t have to. Our current set of federal taxes is much flatter than most people realize. Throw in some gigantic loopholes and it’s downright regressive. (The benefits side, however, is arguably more progressive.)
So, whether you are a Wall St. Occupier or an IRS hater, check out my Flat Tax for the 99%. It’s tax reform done right.
For all ye Ron Paul fans who want to abolish the Federal Reserve System and go back to a gold standard, I have sad news for you: the federal budget needs to be balanced first.
And not just balanced now and then. It needs to be balances on average. That means surpluses during good years to offset any deficits during bad years. Given that the Baby Boomers are beginning to retire, we cannot simply assume that real economic growth will take care of tomorrow’s problems.
If we drop back towards a more neutral foreign policy, end the Drug War, and let the states handle education, then we come closer to a balanced budget — but these reforms are likely not enough. And so I recommend some revenue enhancements for Ron Paul supporters. They are part of my new tax reform series.
Another Presidential election year, another Republican attempt to package tax cuts for the super rich as “tax reform.”
Enough is enough! It’s time for balanced tax reform that isn’t a giveaway to the rich, or an excuse to run up the national debt yet further. And so I am jumping into the fray with a new article series on tax reform. I’m just starting, but by the time I’m done, it’s going to be big, and sometimes hard to read.
But not nearly as hard to read as the 1040 Instruction manual.