“But I look long term to do just what Jon [Huntsman] indicated, which is to take Bowles-Simpson and to reduce the rates in our tax code, to reduce the number of exemptions, and limit the amount of exceptions that can occur. At the same time, I don’t want to raise capital-gains tax rates, as they do in Bowles-Simpson. But simplifying the code, broadening the base, is the right way to go for our tax code long term.” [SOURCE]Not quite a flat tax, but on the road to what I proposed here awhile ago:
FRIDAY, MARCH 25, 2005Excessive Spending - Taxes and Shelters
I'm not pushing Bowles-Simpson. This is a simplified, "progressive flat tax" ... possibly an oxymoron, but descriptive. A single tax rate with a single deduction amount. The only other item that might be considered is a deduction for medical expenses that exceed 30% of your gross income. That's an amount large enough to be considered significant and a nut big enough to encourage the purchase of medical insurance.
It's time for government to be simplified... to get back to a solid framework that is not open to the whims of politicians, not the bailiwick of agency bureaucrats, and not the playground of special interests. We once had a Constitution and Bill of Rights that were reasonably understood along the lines they were written. We can't say that anymore.
It's time for government to be simplified... to get back to a solid framework that is not open to the whims of politicians, not the bailiwick of agency bureaucrats, and not the playground of special interests. We once had a Constitution and Bill of Rights that were reasonably understood along the lines they were written. We can't say that anymore.