Which Tax Reform Plan is Best for America
Publication Date: October 2002
Publisher: Heritage Foundation (Washington, D.C.)
Author(s): Daniel J. Mitchell
Research Area: Banking and finance
Keywords: Taxes
Type: Report
Abstract:
The current income tax system demands comprehensive reform. High rates punish success, excessive complexity drains productive resources, and punitive taxation of capital income retards savings and investment. Of the many proposals have been offered to correct these flaws, reforms based on the Hall/Rabushka flat tax are the best. The flat tax replaces the current five-tiered punitive rate structure with a simple, fair 17 percent rate. The current system’s plethora of documents, paperwork, and complex record-keeping is replaced by two postcard-sized forms, one for individuals and one for business.
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