America has what is arguably the worldâ€™s most complex tax code. The federal
code plus IRS rulings is now 70,000 pages long. The code itself is 16,000
pages. ... You have to
understand, complexity equals corruption.
The U.S. tax system is not simply corrupt, it is corrupt in a deceptive
manner that has degraded the entire system of American government. Congress
is able to funnel vast sums of money in perpetuity to its favored funders
through the tax code without anyone realizing it.
Zakaria is, "in favor of almost any new tax code that fulfils one
requirement: It should fit on two pages". The 2-4-8 Tax Blend with the same
rates for rich and poor meets the test.
For the first time in history we have the technology which can fairly and
easily tax net wealth, raise more tax revenue and jump start the economy.
While a 5% individual net wealth tax could replace current revenue, a modest
2% wealth tax combined with an 8% income tax would produce the same revenue
and permit workers to take home 92% of their income â€“ (real consumer power).
Rich and poor would pay the same rates for the fairest system on the planet.
Business tax reform is also needed to shift the economy into high gear and
to raise some additional revenue. A 4% tax on $10 trillion in sales would
yield another $0.4 trillion in revenue and permit a reduction of the
corporate income tax rate to 8% (with no loopholes).
Capital gains, estate and gift taxes would not be necessary. Qualified
retirement funds would retain a tax exemption until withdrawn so that
seniors could preserve a modest retirement.