Friday, July 22, 2005

Alternative Minimum Tax...days hopefully numbered

Michael Meckler has a good post on the AMT getting a close look by the President's commission reviewing the tax code. Now if we can only get working on a Flat Tax, which Porkopolis strongly supports and Michael opposes. Evidence is mounting that the Flat Tax is starting to gather steam; at least in Europe:

Flat-tax advocates - and there are many here - say the reform has encouraged tax compliance and added to the flow of foreign investors.
And from The flat-tax revolution:
THE more complicated a country's tax system becomes, the easier it is for governments to make it more complicated still, in an accelerating process of proliferating insanity—until, perhaps, a limit of madness is reached and a spasm of radical simplification is demanded. In 2005, many of the world's rich countries seem far along this curve. The United States, which last simplified its tax code in 1986, and which spent the next two decades feverishly unsimplifying it, may soon be coming to a point of renewed fiscal catharsis. Other rich countries, with a tolerance for tax-code sclerosis even greater than America's, may not be so far behind. Revenue must be raised, of course. But is there no realistic alternative to tax codes which, as they discharge that sad but necessary function, squander resources on an epic scale and grind the spirit of the helpless taxpayer as well?


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