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Politics : PRESIDENT GEORGE W. BUSH
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To: JDN who wrote (710758)11/3/2005 6:46:34 AM
From: CYBERKEN  Read Replies (2) of 769667
 
The two insurmountable obstacles to flat tax reform are the much-beloved and poorly-understood mortgage deduction, and the insistence by every pin head who has ever worked on the flat tax that it be a double-digit tax or fiscal disaster will follow.

One good solution I have heard is that the FT could be voluntary, if the taxpayer signs off on a side-by-side computation of his tax under the new and old methods. Few (though some) would elect the higher number, and a flat tax under 10% would create so much prosperity and revenue that the government would be looking to cut AGAIN within 5 years.

A lessor though efficient solution would be the "Capital Formation Act of 2006", which permanently sets all taxes on capital formation: dividends, interest, capital gains, and corporate GAAP-calculated net income, at 5%. The ensuing prosperity would finally drive the soak-the-rich demagogues out of the public ideas marketplace...
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