If our Republican leadership had been competent when George W. Bush was President and Denny Hastert was Speaker of the House tax reform legislation would’ve passed during their tenure. From the NCPA:
America’s tax system is unfair, distortionary, wasteful and a user’s nightmare. Most important, it’s limiting our country’s economic potential. But can we have a far simpler tax system that generates at least as much revenue and is more progressive, ask John Goodman, president and CEO of the National Center for Policy Analysis, and Laurence J. Kotlikoff, a senior fellow at the National Center for Policy Analysis and a professor of economics at Boston University.
Yes, it’s called the Common Sense Tax (CST). It’s designed to be revenue neutral and kick start our ailing economy. It features just two taxes.
- One is a payroll tax that taxes all labor earnings at a flat 13 percent rate.
- The other is a personal income tax with a 25 percent tax on household income above $100,000, in the case of married households, and $50,000, in the case of singles.