"We have been told this is our once in a generation time to really fix out tax system. We have waited for this for a long time. After yesterday's announcement - we are still waiting."
Okay - color me disappointed. Not just a little disappointed, a lot disappointed. From what I have seen of the proposed "tax reform" so far, it is a bit of a yawner. Why do I say that? I think the operative word is "reform". This is just more of the same, only watered down. Not exactly what was talked about on the campaign trail.
First off, the Administration needs to realize a certain fact of life. No matter what the change in the income tax status quo is, it will be painted as favoring the rich. Knowing that, go for the gusto. Real change in the way we tax. And not to be redundant, I will once again point out what I define as real change:
- Abolish the IRS. With the right kind of change, we don't need it anymore. Besides all of which, it has been weaponized by the Obama Administration. And for some reason which still escapes me, we still have John Koskinen running the IRS. He should have been fired on President Trump's first day in office. And Lois Lerner? She should be starring in the real life version of "Orange is the new black".
- Abolish the current tax code. Get rid of it, lock, stock and barrel. With real tax change, we no longer need this Rubik's cube of nonsense. Every year someone from the government gets in front of a camera and proclaims nobody but tax experts can do income taxes these days. Okay - then get rid of what we have and replace it with a one page document.
- Not five rates, not three rates, but one rate. A flat tax of 10%. That would be the rate for everyone. No more half the country not needing to pay in a dime. No deductions, no exemptions, just 10 cents out of every dollar going into the federal income tax. Easy peasy. Fill out your taxes on a post card.
- Zero estate tax, zero taxes on social security benefits, zero state tax and zero corporate tax. Let's see how that works in juicing the economy.
We have been told this is our once in a generation time to really fix out tax system. We have waited for this for a long time. After yesterday's announcement - we are still waiting.