The flatter the better. @RichardAEpstein @HooverInst

Oct 07, 2017, 12:00 AM

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The flatter the better. @RichardAEpstein @HooverInst

The Trump administration released a thumbnail sketch last week of its much anticipated tax plan, which has generated opposition and support from all the usual suspects. Politics aside, the best tax plan is also the simplest: I have long advocated that the sole source of general revenues should come from a flat tax, preferably on consumption and not income. A consumption tax eliminates the enormous difficulties of separating out capital gains, which are typically taxed at a lower rate, from ordinary income, taxed at a higher rate. No other forms of ad hoc taxation, such as the notorious medical device tax, should be used to raise general revenues. On tax design, the Trump plan offers a mixed bag…

https://www.hoover.org/research/we-need-flatter-taxes-cleaner-rules