Any reasonable, rational person would agree that we should have a universal flat tax. It’s sad that we can’t overhaul our entire idiotic tax code because
some people are greedy and fear a drop off of revenue to the federal government (and thus a drop off in what they receive).
The fact is, eliminating all tax write-offs and loopholes would increase revenues to the government. The wealthy would not be able to hire tax attorneys to hide money in tax shelters. The poor would not have to spend money they can’t afford to spend on CPA’s because filing taxes is too complex. It’s a win-win on all fronts.
We should start off with a 10% flat income tax and a 25% flat corporate tax. No tax exemptions (period). In addition, we should add a consumption tax in order to capture
some tax dollars lost by criminals who engage in cash only transactions (drugs, prostitution, gambling, etc.). They still have to purchase clothing, personal hygiene items, etc. and we can close that gap with a consumption tax.
It's Time to Reform Our Tax Code. Let's Do Something Historic.