58 lines
2.9 KiB
Plaintext
58 lines
2.9 KiB
Plaintext
|
THE FLAT-OUT TAX REVISITED
|
|||
|
|
|
|||
|
|
Over two years ago, we published a column ridiculing some tentative tax reform
|
|||
|
|
proposals which had sprouted in the Congress. There was, at that time, a small
|
|||
|
|
move for reformation of our ludicrous system of taxation.
|
|||
|
|
|
|||
|
|
We proposed a "Flat-out Tax," which would allow the government to take all of
|
|||
|
|
everybody's money and refund whatever might be left over. Americans would
|
|||
|
|
simply live on credit all year long and, hopefully, be able to pay off at refund
|
|||
|
|
time.
|
|||
|
|
|
|||
|
|
Sound familiar? The president, in his televised message last week, mentioned
|
|||
|
|
that many of us wouldn't even have to file a return under his proposed tax
|
|||
|
|
program.
|
|||
|
|
|
|||
|
|
Hmmmm.
|
|||
|
|
|
|||
|
|
There were some other features in our Flat-out Tax which are included to some
|
|||
|
|
extent in this new proposal. For instance, we had suggested that the standard
|
|||
|
|
deduction should be raised to $25,000 per person. Just look what the president
|
|||
|
|
has suggested: raising the standard deduction!
|
|||
|
|
|
|||
|
|
In our Flat-out Tax, we knew that revenues lost to the government from
|
|||
|
|
individuals would have to be made up elsewhere. We suggested making businesses
|
|||
|
|
tax, at least once in a while. Well, what do you know? The president actually
|
|||
|
|
proposed having corporations pay income tax!
|
|||
|
|
|
|||
|
|
(Technically, corporations are supposed to pay tax now, but there are so many
|
|||
|
|
loopholes that many don't.)
|
|||
|
|
|
|||
|
|
But there are still some of our proposals which need to be included in this
|
|||
|
|
new tax plan. (The administration obviously has a copy of our article -- it has
|
|||
|
|
stolen so many of our good ideas -- but it must have lost a page or two.)
|
|||
|
|
|
|||
|
|
For example, we suggested making some foreign countries pay U.S. income tax.
|
|||
|
|
Like Japan, Israel, El Salvador and Korea. They get enough U.S. aid! They
|
|||
|
|
ought to be willing to pay some of it back in taxes.
|
|||
|
|
|
|||
|
|
And we still think the Soviet Union ought to shoulder some of our Defense
|
|||
|
|
budget. After all, they're the ones we're spending all that money on. (At the
|
|||
|
|
very least, in the event of nuclear war the U.S.S.R. should be required to pay
|
|||
|
|
us back for whatever we dump on them.)
|
|||
|
|
|
|||
|
|
We think an essential element of any new tax plan ought to have some
|
|||
|
|
provisions for the rich and for those with extraordinarily high incomes. Like,
|
|||
|
|
maybe, they ought to be able to make 'tax-adoptions' of needy folks. A
|
|||
|
|
tax-adoption would be a loophole, sure, but if a rich guy paid taxes for a few
|
|||
|
|
poorer folks and took a credit for it, the government wouldn't miss out on any
|
|||
|
|
money and the tax rates could be kept low.
|
|||
|
|
|
|||
|
|
Our Flat-out Tax included a program of monthly or quarterly tax returns. Each
|
|||
|
|
period would be separate and unique. So, if you make a lot of money in three
|
|||
|
|
months and none in the other nine, you'd have a chance to save some money. And
|
|||
|
|
take long vacations.
|
|||
|
|
|
|||
|
|
We'll reprint our original article if we can find it. It's amazing how much
|
|||
|
|
went straight into the president's supposedly new ideas.
|
|||
|
|
|