If I could wave a magic wand, we would eliminate income tax; we would eliminate corporate tax. We would abolish the IRS, and we could replace all of it with one federal consumption tax.
We should be forced to give so many exemptions and concessions (inevitably to the benefit of high spending authorities in Inner London) that the flat-rate poll tax would rapidly become a surrogate income tax.
Everyone else is parsing it in terms of lowering the corporate income tax. Eliminate it. It's not that big of a generator of income, and it's a double tax. Get rid of it, and you would have an explosion of hiring.
Tax expenditures for middle- and working-class Americans - like the earned income tax credit - aren't thought of as loopholes; they're just thought of as benefits.
We should be forced to give so many exemptions and concessions (inevitably to the benefit of high spending authorities in Inner London) that the flat-rate poll tax would rapidly become a surrogate income tax.
Ford's federal income tax rate was just 2.3 percent in 2009 even though it made $3 billion in profits.