The time to reform the tax code is now. The fiscal cliff is imminently upon us; therefore the ridiculously overcomplicated tax code must be addressed TODAY. Not tomorrow, not next week, not next month, nor next year.
I submit that the White House should support a simplified tax reform bill utilizing two main tax principles:
1. Institute a straight income tax on ALL EARNERS at a rate which economic experts deem credible and viable, ultimately resulting in something like the following: a citizen (or resident/person working in this country) earning $10,000 a year pays $800, $100,000 a year pays $8,000 and $1MM pays $80,000 and so on. Then,
2. Add a similarly simplified "Value Added Tax" upon all purchases at a specific rate. Purchases by citizens and residents will generate revenue.