Tax Reform Proposals Need Reforming

Katt, Peter C.
April 1996
Journal of Financial Planning;Apr96, Vol. 9 Issue 2, p103
Academic Journal
This article focuses on tax reforms in context of new proposals that have been made due to the forthcoming presidential elections in the United States. Leading the way is the flat tax idea initiated by House of Representatives majority leader Dick Armey in 1994 and more recently championed by Republican presidential candidate Steve Forbes. Major tax reform that appeals primarily to one political ideology will be shortlived. Long-run public policy benefits would be achieved if a grand compromise could he reached between Republicans and Democrats on major philosophical tax issues. There are two types of consumption taxes being discussed. One is a national sales tax, levied as a percentage of the price of goods and services purchased by consumers. A national sales tax is very visible and consistent with a representation with taxation principle. However, as it is presently offered--it would replace income taxes entirely, probably requiring a rate of 15 to 20 percent--it probably won't produce broad bipartisan support.


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