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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: zonder who wrote (24826)	3/3/2005 12:52:56 PM
From: mishedlo	Read Replies (1) of 116555

Greenspan calls for simpler tax code based on consumption Testimony of Chairman Alan Greenspan The tax system Before the President’s Advisory Panel on Federal Tax Reform, Washington, D.C. March 3, 2005 federalreserve.gov “past experience suggests that as the panel's work gets under way, one of the first decisions that you will confront is the choice of tax base; possibilities include a comprehensive income tax, a consumption tax, or some combination of the two, as is done in many other countries. As you know, many economists believe that a consumption tax would be best from the perspective of promoting economic growth--particularly if one were designing a tax system from scratch--because a consumption tax is likely to encourage saving and capital formation. However, getting from the current tax system to a consumption tax raises a challenging set of transition issues.” Mish

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