Did you ever hear of a capitalist country that penalizes people for earning money? I think you must agree that is the stupidest concept that any government has instituted, and it is right here in America. Tax people for spending money, not for earning it, and this country will have the greatest economic boom in world history.
Institute a 2 percent federal sales tax on all currently taxed items and a 10 percent federal luxury tax on yachts, second houses, luxury vehicles, etc., and for the first time in our history the rich will be paying more in taxes than others. I guess there are still people out there who believe that the graduated income tax results in the rich paying more. In reality, as my income increased my income tax went down due to all the special interest legal loopholes in the tax code. When Ronald Reagan was governor, he was asked if he paid any federal income tax that year. Taken off guard, he answered truthfully, “No,” and then his PR people scrambled to come up with excuses.
Let’s reward people for earning money, abolish the IRS and enjoy the greatest economic boom in world history.