Forbes is right – go FLAT !
Below is an
excerpt from Steve Forbes 2014 article “Make it flat”. Perhaps it’s now
the time to listen. His proposal first came into prominence when he ran
for President in 1996 and warned of the strain on the nation’s economy
if the national debt continued to increase. He was shot down from both
sides because, well you know, his forte is finances so he must be
looking out for the rich. But his point was the debt had risen from
about 1 trillion in 1980 to a little over 5 trillion in 16 years.
Those were the good old days. We’re past 18 trillion now and climbing. But why his
argument makes sense now is that the IRS is having its own difficulties.
Besides, the tax code is too lengthy, we have too many taxes, no one can
figure it out without a CPA or three and finally, its just time. The
world is becoming very complicated and the country needs ‘simple’.
Imagine what it would be like to really measure
the success of our elected officials – with one number. If the tax
percentage goes up, they better have an explanation (a real one, not
it’s the other parties’ fault). If that number goes down, keep them in
office. How does Steve’s suggestion sound to you?
-Mark Schuster,
Partner
PUT THE BEAST OUT OF ITS MISERY {excerpt}
The federal tax code is beyond redemption. We should kill it and institute a flat tax.
My flat-tax proposal calls for a 17% tax rate for all, with generous
deductions for individuals and families ( a family of four would owe no
federal income tax on their first $46,000). And that’s it—no tax on
savings and no death tax. The federal corporate tax rate would be
dropped to 17%, and capital investments would be expensed immediately.
There are other worthy variations of the flat tax.
Let’s not repeat the mistake of 1986 and pass a reform bill that runs hundreds of
pages. Junk the federal income tax code and start over!
February 3, 2015
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