Income Tax reform
It is definitely time for Federal Income Tax Reform. After reforms in 81' and 86' we have seen how quickly taxation rates regenerate. Much of the public sentiment is if it aint broke don't fix it. Fortunately or unfortunately, it remains to be seen, we have been conditioned since FDR to accept big inefficient government, and our current economic prosperity is masking an extremely flawed income tax system. It is of utmost importance that national tax policies and reforms remain a continual national focal point. We must consider the natural propensity for government to increase expenditures and taxes over time. The income tax currently represents enormous portion of our annual GDP, and is obviously a major governmental function. As the country enters a presidential election year, tax policy will most likely be one of the decisive issues of debate. Many of the presidential candidates have incorporated political platforms that include massive tax reforms and or overhauls,! but it remains to be seen if the public is of the same mind. Currently there exist four major ideologies, which pervade in some form or another amongst the ten candidates of record. The democratic candidates are not seeking any refo
Both candidates seek rather large expansion of government, which ultimately may necessitate tax increases (a manner of tax reform I guess). Although each of the aforementioned plans is unable to stand alone, they do each contain excellent ideas which we can extract and combine to give the million dollar answer to what is the best possible tax system. States, local municipalities, and their citizens make decisions upon local services and tax rates. First and foremost we must clean the tax base completely. Bush's plan does nothing to remedy the current system. The projected revenue for this cut is found in the anticipation of never ending surpluses and economic growth, which will result. I find it bizarre that we subsidize and correct for voluntary decisions such as place of inhabitance. Ambassador Allen Keyes envisions a 23% national sales tax solution that will abolish the Internal Revenue Service, and free the enslaved citizenry. Governments who have enacted sales taxes over 12-15% have had difficulty with compliance (their would exist a lot of incentive to cheat), and this may interfere with state governments, forty-five of which utilize this as a principal taxation vehicle. Their downfall is that these overhauls are regressive by nature. I would like to incorporate this idea into my tax reform proposal. "Effects of tax reform on labor supply, investment and savings" by Bosworth and Burtlessalso republican and democratic primary debates ------------------------------------------------------------------------**Bibliography**. Walker"The flat tax" by Gale, WilliamPublic Finance by Harvey S.
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Acceptance Essays
