Bush names committee to study tax code reform
David S:
Quote from: Philip on January 29, 2005, 11:36:19 PM
And just a month ago you were saying Republicans were all talk.
Don't hold your breath waiting for this to happen.
A18:
Quote from: David S on January 30, 2005, 12:12:33 AM
Quote from: Philip on January 29, 2005, 11:36:19 PM
And just a month ago you were saying Republicans were all talk.
Don't hold your breath waiting for this to happen.
I won't, because no one's saying it's going to happen in the next two minutes, and that's about as long as I can hold my breath.
Most taxpayers agree that the federal tax code is total garbage. There are several reasons for reform, each so potent not even a Congressman could fail to recognize them.
One, the document is literally thousands of pages long. Having to comply with a tax code that long is a borderline violation of the 13th amendment. Americans spend billions of hours each year just to comply with it, which is not only stupid, but drains productivity and takes a massive bite out of our economy.
Point two, as you can see from the graph above, the compliance costs with the current tax code are absolutely enormous. The IRS itself needs to be abolished and replaced with a much smaller, more efficient excise tax bureau that would collect trust fund excise taxes such as the gasoline tax. The Social Security Administration would enforce and collect payroll taxes.
Point three, forget the economic benefit, it's a pain, it's ancient, and there are better alternatives, each with numerous examples of success. On January 1, 2001, a 13 percent flat tax on personal income took effect in Russia. Ukraine followed Russia with a 13% flat tax in 2003. Slovakia has introduced a 19% flat tax in 2004; the government was then able to collect 10 percent more income tax than it had expected, and the number of new firms registering in Slovakia jumped 12 percent (gee, it's hard to get away from the economic benefit). Romania introduced a 16% flat tax on personal income and corporate profit on January 1, 2005.
It's time for the thousands of pages that comprise the federal tax code to take their place in the ashtray of history. Americans could be filing their tax returns on a single form the size of a postcard! The proposal has been before Congress for years.
National sales tax, flat tax, whatever. I prefer the first, but it's time to try something new.
Bandit3 the Worker:
When the extremist 104th Congress tried this, the American people said no. But apparently Congress didn't listen.
Rob:
They're all terrible.
Jake:
Flat tax is the best option. Easy to do, cuts down on bueaucracy. Everyone wins, except for Tax lawyers and the IRS.
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