A 'simple' tax code for all
I am sick and tired of the endless discussions of how to ding around with the current, many thousand pages of tax law. Here are eight points that seem desirable to me as a citizen. It requires totally scrapping the existing and confusing U.S. Tax-Code. That would be replaced by a simple-to-understand national sales tax (NST).
1. This is a pay-as-you-go tax. If I buy something, I pay the tax. It's a done deal. No follow up or IRS agent to intrude in my life!
2. It reflects the real state of the economy. As economic conditions improve in the USA, so will the government tax collections.
3. Everybody pays. It invites citizen participation and support of our national life and goals; corporations included. Deductions and loopholes don't apply. Everyone who buys pays: Tourists and visitors, including the more than 7 million illegal immigrants in the USA, will help support the land they live in.
4. There are no exceptions or exemptions. All transactions are covered. This means retail sales, but also includes groceries, medical services, funeral services and pot where legal. Luxury sport cars and limousines, as well as multimillion-dollar homes and properties also fall under this category.
5. Congress will be more responsible with our money. For instance, if it is decided on 5 percent as the tax rate for this all-inclusive NST, I'll bet you that politicians will be very reluctant to sponsor an amendment to raise that nickel on the dollar; to 8 or 12 or 20 percent soon.
6. All savings accounts are now tax-free. Interest rates will likely return to meaningful figures, once the Federal Reserve no longer has to just print more dollar bills.
7. NST will vastly increase voter turnout in the USA. Once you've got their money, you've got their attention too.
8. Reduce the national debt. It's a simple matter to add an extra 1 percent that is legally dedicated for this purpose. Then maybe we'll get our representatives in government to do what we sent them to do for us in our stead.
And to top it off, there are no federal income tax forms anymore.