Tax Reform That Is Simple, Transparent, Fair

America's tax code is like a runaway train that is constantly fueled and loaded, even as it hurls down the tracks, with incomprehensible rules, regulations, and bureaucratic minutia.  This article explains how and where to reform our tax code.  In summary, we need to extend FICA (which contributes, in theory, to Social Security and to Medicare) to a pure flat tax: no ceiling; benefits and unearned income would be included in the base. The FICA rate should be raised from 15.3% to 20%. All Corporate Income Taxes and the Personal Income Taxes would be eliminated. These measures, as we will see, will raise more revenue than all the current income-based federal taxes combined. Most discussions of the personal tax code quickly deteriorate into disagreements over the relative size of tax rates or brackets. But it is the definition of taxable income -- the tax base -- that drives the tax train. Different rules for the same total earnings cause justifiable resentment.  There is...(Read Full Article)

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