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Strategies & Market Trends : The Residential Real Estate Crash Index
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To: GraceZ who wrote (25081)11/5/2004 8:57:36 PM
From: Jim McMannisRead Replies (1) of 306849
 
RE:"It basically gets the government out of the business of directing the economy into this industry or that to reward political favors. The current tax system is rife with this kind of distortion."

That depends on where the VAT is directed.

A much simpler reform would be to eliminate all the tax exemptions and deductions and go to a flat income tax and exempt the first 30k. You could even surcharge all the wage earners over say $200k. This would probably result in a rate of about 16-19%.

Unfortunately, you'd see charities, RE interests etc. scream bloody murder.

Also, don't expect the government to give up the ability to tax in order to manipulate the economy.
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