Fox News is asking the question, “Is it time to overhaul the IRS?”
I say, no, but not for any of the reasons offered by Fox. It’s time to overhaul our tax code to simplify it to a single flat tax at, say, 10% with no deductions, credits, subsidies, exceptions, differences depending on source of income, or what-have-you, and that everyone pays.
How much money did you make from all sources (wages, cash payments, interest, capital gains, dividends, gambling, etc)? Pay 10% of that total. Based on 2007 numbers (i.e., pre-Panic), that actually would increase revenue to Uncle Sugar by a substantial amount. That’s only a static analysis. Considering the ripple effects on our pocketbooks and so on our economy—which would take off—that would yield an even more substantial amount of revenue for the government.