Thursday, 6 July 2017

Fixing the wealth gap                    Old Lange's rant of the day
without taking from the rich to give to the poor
Here are 10 tweaks to start with that do not require a complete rewrite of the entire tax system.
(We can argue the merits of Flat Tax, Fair Tax and other complete rewrites later, once these are in place.)
1      Any future tax cuts shall be in flat dollar amounts, not percentages
2.       Remove the step-up-in-basis law
3.     Tax all income as income, regardless of source
4.       Remove the mortgage interest deduction
5.       Retain the AMT as it is
6.       Repeal all corporate welfare, including accelerated depreciation
7.       Do not cut the inheritance tax on estates over $5 million – leave it as it is.
8.       Reduce corporate tax to 15%, including repatriation of profits
9.       Remove deductions for retirement contributions

10.    Means-test all scholarships

No comments:

Post a Comment