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...
- Quotes of the day Allahpundit 7 hours ago
- Video: Sharyl Attkisson wants to know where the illegal immigrant children have gone Jazz Shaw 9 hours ago
- Video: Cruz presser at AFP summit Ed Morrissey 10 hours ago
- Video: Pete Hegseth on VA scandal, ISIS threat at AFP’s Defending the Dream summit Ed Morrissey 12 hours ago
- California Dem moves to outlaw some civilian body armor Jazz Shaw 13 hours ago
- Don’t count Rob Ford out just yet Jazz Shaw 15 hours ago