Subject: If this were a test, the Panel has failed, utterly. Comment: Let’s review, shall we. Did the Tax Reform Panel meet its objectives set in the Executive Order? Hmm… - The Executive Order calls for a “revenue neutral” recommendation. Failure #1 of the Tax Reform Panel: All the proposed changes are bona fide tax increases. - The Executive Order calls for the Tax Reform Panel to “simplify Federal tax laws to reduce the costs and administrative burdens of compliance with such laws.” Failure #2 of the Panel: All the proposed changes actually increase costs and administrative burdens. - The Executive Order calls for the sharing of “the burdens and benefits of the Federal tax structure in an appropriately progressive manner.” Success #1: Congratulations! You have succeeded in making the tax code more progressive. I am not sure if the word “appropriate” means “more,” but if it does, you did it. You continue to punish achievement. You continue to institute a Marxist ideal. Great Job! - The Executive Order calls to recognize “the importance of homeownership and charity in American society.” Failure #3: By lowering the homeowner interest expense tax exemption cap you have effectively discouraged homeownership and taken more money from individuals who otherwise could have invested or given that money to charity. Fantastic. - The Executive Order calls for the promotions of “long-run economic growth and job creation, and better encourage work effort, saving, and investment, so as to strengthen the competitiveness of the United States in the global marketplace.” Failure #4: By increasing taxes on the wealthy (the ones who actually own business and create jobs and spur economic growth and saving) you have stifled the economy. By punishing successful people, you discourage more success. Furthermore, you actually encourage those wealthy people and companies to invest their money in other countries with more favorable tax laws. Wow. If this were an essay test, you answered ½ of 1 question out of four correctly (and I say “correctly” here in sincere jest, as a progressive tax system is the first thing Marx recommends must be implemented to achieve a communist state). That would be a lenient 12 and ½ percent out of 100. I’d say the Tax Reform Panel has failed, utterly. There will be a make-up exam, however. And it is one question, true or false: "The Fair Tax is the best tax reform ever proposed since the American Revolution." |