Flat Tax Act of 2005

[A18]

Representative Michael Burgess introduced the "Freedom Flat Tax Act" this month, which would phase in a "flat" tax over three years, creating a single 19 percent rate the first two years and a permanent 17 percent rate thereafter.

The new code would have no deductions or loopholes, allowing only personal exemptions.

The current federal tax code is over 60,000 pages long.

The president's tax reform commission is not scheduled to report until later this year.

[A18]

i guess the men down at the yacht club are happy....doubtful many other people are too thrilled.

I'm happy.

It's unlikely that this specific proposal will pass, but it's a clear example of reform to look at.

It is absolutely essential that any kind of meaningful tax reform introduce complete inflation-neutrality, eliminate the AMT, and move towards simpliciy.

Secondary goals would be to end double taxation, abolish the capital gains tax, etc.

[A18]

This is also a much simpler system, and its optional;meaning you can elect to use this system or the current one. But once you make that decision you have to stay with it permanently.

That's the part I didn't like. People shouldn't be stuck paying the screwy tax just because of a stupid decision they made one year.

Having two alternate tax systems is a queer idea. We're all United States citizens; we should all be held to the same standard.