United States Tax Reform: A Common Sense Approach

Abstract

The fairness of the United States Tax system is at the center of the debate on economic growth and deficit reduction. The prevailing solutions seems centered on stimulating the economy by cutting taxes and cutting spending to minimize its impact on the federal budget deficit. The major area of disagreement lies in the fairness of the current tax system and the belief that the segment of the society most able to bear the cost of government are paying the least or not paying their fair share. The objective of this paper is to propose a tax code that is fair, a tax code that is simple enough that a taxpayer does not need a professional to help him or her to figure out their tax bill. This tax system is based on a combination of personal income tax, consumption tax and the elimination of the corporate income tax. [ABSTRACT FROM AUTHOR]