November 28, 2007

THE IDEA MAN:

Flat Tax Fred: Thompson's reform leads the GOP field (Wall Street Journal, November 28, 2007)

Mr. Thompson wants to abolish the death tax and the Alternative Minimum Tax and cut the corporate income tax rate to 27% from 35%. But his really big idea is a voluntary flat tax that would give every American the option of ditching the current code in favor of filing a simple tax return with two tax rates of 10% and 25%.

Mr. Thompson is getting aboard what has become a global bandwagon, with more than 20 nations having adopted some form of flat tax. Most--especially in Eastern Europe--have seen their economies grow and revenues increase as they've adopted low tax rates of between 13% and 25% with few exemptions.

The main political obstacle to such a reform in the U.S. has come from liberals, who favor punitive taxes for "class" reasons, and K Street corporate lobbyists who want to retain their tax-loophole empires. The housing and insurance industries, states and localities, charities, bond traders and tax preparers are all foes of low tax rates.

That's why the idea of a voluntary flat tax--introduced on these pages a dozen years ago--makes political sense.


It's something of a one-eyed man effect, but he's dusting the field as regards policy proposals.

Posted by Orrin Judd at November 28, 2007 8:48 AM
Comments

see your point, what are any of the repubs offering in substance of proposals, but am guessing that will soon come enough. Understand your loath for mayor, although disagree. With said, Thomson is talking up Bush's social security plan, and the flat tax. he'd probably be tough on foreign policy. but the guy doesn't seem like he wants it, and, more importantly, he doesn't seem like he's up for it. does not that concern you? and just quick note on the mayor. lived in nyc before 9/11, and saw his leadership in action. the man simply gets things done, he is a doer, not a thinker or talker. does that not appeal to you? thomson's talking good stuff, but can he get it done like the mayor would?

Posted by: neil at November 28, 2007 10:12 PM

Taft, Coolidge, Ike, Reagan and W were too lazy to be president too.

TR, Wilson, Hoover, FDR, LBJ, Nixon and Carter were energetic.

Posted by: oj at November 29, 2007 7:07 AM

that's correct. you're right. BUT, as pointed out in a comment by me recently in another post, he's not getting traction, for that very reason. We'll see.

Posted by: neil at November 29, 2007 6:36 PM

And? Reagan lost IA. W lost NH. There's no such thing as traction.

Posted by: oj at November 29, 2007 7:54 PM
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