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Flat Tax or Fair Tax?

Jerome49 Wrote: Feb 01, 2013 10:03 AM
In general, I like the idea of a "flat" tax for individuals if it would totally and completely replace the current federal income tax (as specified in those 72,000 pages). I think that that businesses, both big and small, should be subject to different rules, where exemptions for such things as capital improvements, depreciation, overhead expenses and other overhead expenses are allowed. Liberals will complain that such a "flat" tax is unfair to lower income people because they spend the vast majority of their income on basic living expenses like food, clothing, shelter and medical expenses. they instead would prefer a "fair" tax. They problem with this is, who gets to decide what's "fair"?

I’m at Hillsdale College in Michigan for a conference on taxation. The event is called “The Federal Income Tax: A Centenary Consideration,” though I would have called it something like “100 Years of Misery from the IRS.”

I’m glad to be here, both because Hillsdale proudly refuses to take government money (which would mean being ensnared by government rules) and also because I’ve heard superb speeches by scholars such as Amity Shlaes (author of The Forgotten Man, as well as a

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