posting continued-- entitled to a single, combined exemption/deduction which would approximate the poverty level for that particular sized household. All income above the poverty level should then be taxed at moderately progressive rates, starting at perhaps 10% and rising to perhaps 25%. This whole method would shift us to a consumption-based system, as opposed to an income-based system. Sure, the home mortgage advocates, the charitable deduction advocates, and many other special interest groups would be adversely affected. But, it is high time that we stopped using the tax code to achieve social "wants."
Right after the election, it was all peaches and cream and conciliatory common-ground language when President Obama met with congressional leaders to discuss the fiscal cliff. Of course, the president campaigned on tax hikes for the rich, by which he meant raising top income-tax rates and extending the Bush tax cuts for incomes below $200,000. And the president’s first meeting post-election was with his union and liberal-interest-group supporters, all of whom want to raise the top rates and then some. But instead, the newly reelected president spoke about “new ideas,” as long as they provided a balance of spending cuts and...
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