[858] in libertarians
Laissez Faire Book News: THE FLAT TAX
daemon@ATHENA.MIT.EDU (Chris Whitten)
Wed Mar 29 14:04:00 1995
Date: Wed, 29 Mar 1995 14:00:48 -0500 (EST)
From: Chris Whitten <lfb@panix.com>
Apparently-To: <libertarians@mit.edu>
Time to trash the tax code
THE FLAT TAX
by Robert E. Hall and Alvin Rabushka
(reviewed by Jim Powell)
Once again, hatred of taxes appears to be reaching the boiling
point. The federal tax code runs to 1,378 pages, related tax
regulations are another 6,439 pages, and ordinary taxpayers can't
understand all this. When taxpayers call the Internal Revenue
Service for help, it gives out wrong information as much as a
third of the time--and the Feds don't bear the cost of their
errors. Compliance costs taxpayers an estimated $100 billion.
Taxes spur individuals to make wasteful investments and
encourages accountants and lawyers to grovel for tax favors
instead of earning an honest living.
The most widely-discussed radical proposal for tax reform is the
flat tax, long championed by the Hoover Institution's Dr. Alvin
Rabushka and now promoted in Congress by House Majority Leader
Dick Armey. This book is a newly-revised edition of the best-
known case for a flat tax. Hall and Rabushka explain how it
would work, how it would stimulate productive enterprise, and
they answer commonly-asked questions.
Briefly, the flat tax would tax all income once at a uniform rate
of 19%. There would be a tax-free allowance--$16,500 for a
married couple, $4,500 per child--and income above that would be
taxable. One's personal income tax could be calculated on a form
about the size of a post card. The corporate income tax would be
cut from 34% to 19%. Taxes on dividends and capital gains would
be abolished, thereby ending double taxation of business income.
Hall and Rabushka tell why a flat tax would encourage people to
work harder, invest more efficiently and start more businesses.
In particular, they focus on reasons why a flat tax would
contribute to lower interest rates. If enacted, it seems a good
bet to bring about higher living standards.
The authors do a good job handling 69 questions about a flat tax.
They have an aggressive comeback to charges that it's unfair.
They explain why the flat tax would benefit homeowners, even
though the mortgage interest deduction would go. They marshall
startling data showing why tax deductions aren't a significant
reason why people make charitable contributions.
The authors explain tax terminology and tell where readers can
get more information. This book is the essential starting point
for anyone interested in the flat tax debate.
Book No. PY6275 (paperback) 145p. $14.95
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