Tax That Other Guy

This is a follow up to the John Mauldin letter and the subsequent post that I did [March 8, 2012 The Cancer of Debts and Deficits].  I'm not going to go through and detail the various points in this week's letter Tax That Other Guy as I normal due only because Mauldin basically responded to the responses that he received from the letter and gave his corresponding thoughts.  It's still worth a read to get various sides of this issue especially from various tax reform suggestions out there.

I am in complete favor of ripping out the tax code and reforming the IRS to the point where they play a significant role any longer.  Streamline and simplify is my view of what needs to happen with the tax code and weather or not that takes the form of a flat tax and VAT (Value added tax) then I will support.  However as I have pointed out in the previous post getting US politicians to do the right thing would be an out of this world event.

One point that I did want to share with you is this chart below from The Heritage Foundation.  ALMOST HALF OF ALL AMERICANS DO NOT PAY ANY INCOME TAXES




Here are two additional links that may be of interest to you regarding the tax topic

1. www.fairtax.org - Americans for Fair Tax
2. http://tcaii.org/ - Comeback America Initiative