Minding Ag's Business
Marcia Zarley Taylor DTN Executive Editor

Thursday 02/27/14

Tax Reform Not Simple
House Ways and Means Chairman David Camp's tax reform plan released this week makes for good political theater but offers such a radical shift of today's tax code, few Washington insiders believe it can make headway in its current form this year.[Read Full Blog Post]
Posted at 2:11PM CST 02/27/14 by Marcia Zarley Taylor | Post a Comment
Comments (3)
Tax reform is immaterial when governments are trying to spend their way out of debt.
Posted by Bonnie Dukowitz at 6:34AM CST 02/28/14
We need to move to a consumption tax and trash the entire tax code as it exists. Provide a credit to pay no tax at all on spending up to the poverty line and tax all consumption of goods & services after that. No income taxes personal or corporate, no capital gains taxes, no entities to create to play the tax games, no K-1's, no payroll tax, no deductions or credits, and when you die no estate taxes - get rid of it all. It would be a high rate of tax on what you buy, but think about how simple it would be compared to what we have now, and you only pay tax when you can afford to spend. Huge incentive to save or invest in things that create jobs rather than just spend until you're broke. There would be a lot of attorneys with nothing to do, but everyone would be able to plan their future knowing exactly what they will pay tax on and when. Politicians wouldn't like it as they will have no "goodies" like tax credits, write-off's, etc to reward their supporters with, so it would be a tough sell in Congress, but it's the "fairest" tax plan possible in my opinion.
Posted by Gary Hoots at 7:47AM CST 02/28/14
Gary, I agree in principle with a consumption tax, but guarantee that within a year or two some sort of income based tax would be re-instituted. Is there a politician in either party that could be trusted to keep their hands off of somebody else's money? I can hear the argument now that we need to do this because of needed investments in infrastructure, schools, fairness, veterans benefits, etc. No politician can be trusted to keep their hands off somebody else's money, least of all the slimy characters we keep electing on the basis that they bring home the bacon to our state, district etc. We would end up like Canada and most of Europe that has Value Added Tax and Income Tax.
Posted by David Kessler at 9:57AM CST 03/04/14
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