This Gang of Six Proposal Sounds Reasonable So Far - 2011-07-20 6:14 PM
The Wall Street Journal has an article about the provisions of the Gang of Six proposal.
Basically, the plan would cut taxes $1.5 trillion relative to what would happen if all current laws (such as the Bush tax cuts and Alternative Minimum Tax) were maintained, but would raise them $1 trillion relative to current policy.
It supposedly ends credits, deductions, and preferences and closing loopholes in the tax code and simplifies the tax code into three different low-rate brackets for income. That would lower marginal rates and those are the worst kind of taxes in terms of helping/hurting the economy.
All that seems reasonable to me, insofar as I've always said a flat tax is the best way to tax and this moves at least a little closer to that.
Basically, the plan would cut taxes $1.5 trillion relative to what would happen if all current laws (such as the Bush tax cuts and Alternative Minimum Tax) were maintained, but would raise them $1 trillion relative to current policy.
It supposedly ends credits, deductions, and preferences and closing loopholes in the tax code and simplifies the tax code into three different low-rate brackets for income. That would lower marginal rates and those are the worst kind of taxes in terms of helping/hurting the economy.
All that seems reasonable to me, insofar as I've always said a flat tax is the best way to tax and this moves at least a little closer to that.