Re: Flat Tax?
Here's another topic where I lean conservative. I like the proposal. The key is simplification - if too many loopholes/deductions remain, I don't see the purpose.
Obviously, we need some method of supporting lower income families, and Forbes has addressed that. As for corporations, he does leave some grey areas that I noticed in a single reading: "Companies could expense all investments at once: no more depreciation schedules. If these instant write-offs produce a loss, that could be carried forward to use against future profits for as many years as necessary to use it up. And businesses would be taxed only on income made in the U.S."
The plan should get rid of the word "could" - companies either depreciate or they don't. Set the rules and keep them simple. Also, not taxing income made outside of the U.S. is asking for trouble - it is setting up a loophole.
We should move the cheese of the IRS and tax accountants. Get rid of as much bureaucracy as possible in this area.
I'm not sure Forbes is the right guy to lead the charge, but he is headed in the right direction.
-ptmusic
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