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 ain't 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 the government to increase expenditures and taxes over time. The income tax currently represents an 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 reform in the income tax per se. Both candidates seek rather large expansion of government, which ultimately may necessitate tax increases (a manner of tax reform I guess). At this time three diverse plans prevail amongst the republicans. Governor G.W. Bush has proposed large tax cuts be enacted progressively to all of the income tax brackets as they exist now. The projected revenue for this cut is found in the anticipation of never ending surpluses and economic growth, which will result. Ambassador Allen Keyes envisions a 23% national sales tax solution that will abolish the Internal Revenue Service, and free the enslaved citizenry. Steve Forbes champions his "Flat Tax" that would tax 17% of income, and leave savings alon...