Why America Needs Tax Reform
American are tired and fed up with their system
of taxation. The United States tax code is too complicated
and riddled with loopholes that corporate America and the
rich exploit each and every year. The American system of taxation
unfairly dumps the oppressive load of the nation's tax burden
onto the shoulders of the middle class, the very class that
is responsible for America's continued economic success.
The United States need tax reform. Tax reform
makes sense. A consumption tax is the answer, or, as nations
like France have successfully implemented, a hybrid system
of an income tax and a consumption tax (or value added tax
[VAT]). With a hybrid system:
- tax revenue will still be abundant enough to support
the government
- the economy will be stronger and far more resilient
to the effects of recession
- cheating the system would be much more difficult
- people will put more savings dollars into their savings
accounts at the local bank.
Reforming the tax code in America will be a hard
sell to Congress but something has to be done now. Americans
are a proud people who like doing things their own way. But
if the tax system isn't fixed soon, Americans will find themselves
living in an economy that plays second fiddle to the EU.
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