Sunday, September 30, 2012

A 28% Solution

In The New York Times, University of Chicago professor Richard Thaler proposes tax reform from the top down. He'd tax income exceeding $1 million – including dividends and capital gain – at 28 percent, with no deductions. He also proposes dropping the federal estate tax rate to 28 percent, although he would reduce the current exemption as well.

Could taxes really be reformed starting at the top? In the midst of a presidential election featuring a rich guy running against a richer guy, with billionaires throwing money around trying to influence the result, who can say what's possible?
Posted by JLM at 9:51 AM
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1 comment:

Jim Gust said...

So, the fancy tax gimmicks will only be available to those who can't afford them anyway.

The linkage to Reagan is clever, because it is reasonable.

I was with this guy until he wanted to raise the gas tax. If his plan doesn't boost growth enough to generate the tax revenue he needs, either cut spending or try another plan.

1:57 PM

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