Part I: Income Tax One of my favorite time-killing activities is fairly nihilistic. It involves thought experiments where obviously broken systems are annihilated: figuratively blown apart, sending all the blazing, broken, smoking pieces careening into smithereens. No more WD-40 hastily applied to the rusting, booby-trapped secret compartments designed for special circumstances almost two centuries (or even two decades) ago. Indeed, the defunct system we're talking about here is the US Tax Code. Not just income tax (which gets most of the attention), but sales tax, property tax, the death tax, etc -- the whole shebang. We need to re-engineer the very framework underlying concepts and philosophy of tax. In Part I today, we'll focus on the Income Tax, because income is the source of all the grease in the wheels in our economy. After studying and pondering the current tax code, which starts taxing AT 25 PERCENT ($70,700 for a married couple), ev...
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