When the facts change, I change my mind. What do you do? -- John Maynard Keynes

Wednesday, May 16, 2012

How I Fixed the Tax Code (In Half a Day)--another view

How I Fixed the Tax Code (In Half a Day) - SmartMoney.com: "I figure a good tax code should be simple, efficient and fair. So I wondered if we could just combine a national sales tax, which is simple and efficient, with a drastically simplified but progressive income tax, which would be fair. Scrap the regressive payroll tax. Scrap the regressive corporation tax, too: Instead tax the business owners, and treat all investment income and capital gains as income. No loopholes. No breaks. Easy. The IRS says 2011 taxes total about $2.3 trillion. A 10% national sales tax would bring in about $1.1 trillion, or nearly half of what we need. That would ensure everybody pays something, and it would be relatively easy to collect. What about income taxes? I played with three tax rates: 0%, 25%, and 40%. (Notice I have shunned the cowardly "39.6%," as well). . . "

The fix is easy . . . the political will is missing.


The Big Picture

Financial Crisis - The Telegraph

JohnTheCrowd.com | The Sailing Website

Craig Newmark - craigconnects