I wouldn't mind seeing a value added tax on the first 200K and a progressive tax above that threshold. Call it a progressive Value Added Tax. The VAT is much more efficient as it is collected at the point of sale. We would still need a progressive tax structure for the top 10% of income earners.

A straight VAT it would amount to a monumental tax cut for the rich, as the percentage of income they spend on consumption is marginal in comparison to their earnings and to 90% of regular Americans. That is why introducing a straight VAT is a pet project of the GOP. Even with a modified VAT I'm certain we could do away with at least 1/2 our tax code and 3/4 of the IRS. Still, accountants wouldn't be too pleased.
bigsby Reviewed by bigsby on . Bailout Reaches 3.7 Trillion US financial system support up $700 bln in past year-watchdog | Reuters Not to mention this Dodd/Frank bill does nothing to address the root cause of the meltdown FANNIE AND FREDDIE...... And like all Obama legislation......nobody including the lawmakers knows whats in the 2000 page bill or what it will do.....just like Obamacare. The nations in the best of hands. These folks intend to bankrupt America. And thats from Obamas appointed Debt Czar.:thumbsup: Whats unemployment at now? Rating: 5