Thursday, May 12, 2005

Tax Reform Proposal

Tigerhawk has what is, to my mind, a fairly reasonable tax reform proposal. There's a lot to like in it, including abolishing the corporate income tax (which ends up getting passed on to consumers anyway, so don't give me any BS about this being some corporate welfare scheme), getting rid of the home mortgage deduction (why buying a house should be tax-deductible I have no idea), a gradual introduction of a fossil-fuel tax (which will especially encourage long term capital reinvestment in more environmentally benign sources of energy), and eliminating the benefits of marriage on tax filing (this has always really bothered me from an ethical perspective - why should single people face a tougher tax code?). Many of these ideas, coupled with some others that would reduce the size of the government, would go a long way to create a more dynamic economy that is less dependent on the government. One thing that really needs to start happening is the gradual phase-out of pretty much ALL industrial subsidies.


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