Watching the way the President and Congress are approaching tax reform just makes you want to sit down and cry. They want to remove deductions for state and local taxes (SALT), which penalizes blue states. They want to increase corporate taxes which economists nearly to a person say can only be done at the expense of consumers. They want to reduce individual tax brackets and penalize further everybody’s favorite whipping boy, the rich for the sin of being successful. Worst of all, adding $2.5 Trillion to the national debt penalizes everyone’s future. (read, grandchildren).
Government has had 107 years to get Income taxes right. What on earth makes our leaders think they can do it with yet another tweak to the system? Magic wand maybe?
No, what really should be done is to throw out the nearly 80,000 pages of Income Tax Code/Regulations and start over. It’s not as daunting a task as it seems on first thought. In fact, Congress has been sitting on a detailed solution for 21 years. It’s called the FAIRtax, which was invented all those years ago to finally make taxes a win for everybody.
Why don’t we hear the word “FAIRtax” spoken out loud in Congress or the Oval Office? It comes down to one inescapable fact. The people do not have a seat at the table when it comes to taxes. That’s called Taxation without Representation.