November 10, 2011
CALL IT THE MILLIONAIRE TAX:
We need a flat tax Democrats and Republicans can love: Done right, a flat tax can make the U.S. more competitive and help working people. So let's stop making it so partisan. (Geoff Colvin, 11/08/11, CNN Money)Just don't call it a flat tax. Call it a top-to-bottom overhaul that will put people to work, close loopholes that serve only certain corporations and the rich, make America more competitive globally, and improve life for people who work hard and save money. A flat tax, done right, can achieve all those benefits and more. Nor is it just theory. Several Eastern European countries have successfully used flat-tax systems for years.
Emphasize that it's a big change, bigger than most people first realize. Asking whether your taxes would go up or down under a flat tax is too small a question. Such a system would change your income, your taxes, interest rates, the value of assets, and prices of things you buy. All those changes combined would determine whether you'd be better or worse off. If it's done right, most people would be better off.
A flat tax can be a good idea. Let's hope it can escape the campaign war zone and get the serious attention it deserves.
Posted by oj at November 10, 2011 6:28 AM
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