Presidential candidates have been trotting out their ideas on taxes. One doesn’t need to spend much time analyzing Democrat ideas, as they like the current system and just want to tax the wealthy more. Where we find some interesting ideas about tax reform is among the Republican candidates. Ted Cruz has proposed a 10 percent tax rate on wage income, while Ben Carson has floated the idea of “tithing,” a 10 percent rate on all personal income. An individual income tax system with a single rate, i.e. a “flat tax,” might actually be able to have a rate that is even lower than Carson’s 10 percent and still bring in the same revenue as now. The Tax Policy Center reports that for the 2014 federal individual income tax, the effective tax rate for all taxpayers was 9.2 percent. That’s the average of what everyone pays, and it hews closely to what’s been the average for decades, as the Center also shows that from 1979 through 2011 the highest...(Read Full Article)