BY MICHAEL BUSLER
Last month, in this space, I suggested a solution to changing the tax code that would result in the system being more equitable, more efficient, easier to administer, raise more revenue and add growth to the economy. Not only will this proposal do all that, but it addresses everyone’s concerns. And everyone comes out a winner. How?
Recall the proposal was to replace the current tax code with this: A single rate tax of 12% on all income earned above a livable minimum with absolutely no deductions for anything. All income is treated the same whether it comes from wages and salaries, rent, interest, dividends, business profit or capital gain.
We can debate what a livable minimum would be. We could make it $10,000 for an adult and $5,000 for a child so that a family of four can earn $30,000 without paying any tax.