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Scrapping The Income Tax Would Save The Economy $1.5 Trillion A YEAR

Our CTUP board member John Childs, a financial wizard, made a strong case in the New York Sun this weekend for blowing up the income tax and moving to a simple national sales tax. According to Childs’ analysis:

“Our current tax system spends around $500 billion a year in tax compliance costs and still fails to collect around $1 trillion a year in underground activities. A consumption tax would cost virtually nothing while making sure the cheats and the crooks pay their fair share. That looks like a great $1.5 trillion trade.”

Our official position at CTUP is to either a simple Steve Forbes flat tax or a national sales tax alternative. (We’d love to hear from you, our readers, on which alternative you support.) But one thing we should all agree on is that our current income tax is a national disgrace that is making America poorer.

“No, No! Not That Way,” political cartoon by Clifford Berryman, 1933 (detail). Wikimedia Commons

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