By Alvin Rabushka
A tax shape the dimensions of a postcard? that will be one results of Robert E. corridor and Alvin Rabushka's flat tax notion. this concept, first advised by means of the authors in 1982, is now the topic of familiar dialogue in either well known and educational circles. during this updated quantity, the authors argue flat tax of nineteen percentage may elevate an identical profit because the current source of revenue tax, whereas essentially remodeling our approach of taxation to motivate reductions and funding. Dick Armey urges passage of laws to institute a flat tax, which, he believes, may simplify taxpayers' lives and inspire financial development. Robert Eisner disagrees with the Hall-Rabushka flat tax, difficult claims for elevated equity and potency. He bargains, as a substitute, another flat tax idea of his personal. in response to Herbert Stein, the current federal source of revenue tax is stuffed with "anomalies, distortions, and complexity, " taking into account "plenty of room for tax reform, " yet for inevitably of the flat tax sort. those specialists current a full of life dialogue of the professionals and cons of the proposals for a flat tax, imagine during the most likely results of this kind of radical switch, and clarify what can look a complicated array of proof and figures.
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Additional info for Fairness and Efficiency in the Flat Tax
Sample text
Double taxation dramatically reduces the incentive to create new businesses in risky lines where debt financing is not available. On the other side, the existing system places no current tax on investments that can be financed by debt, where the debt is held by pension funds or other nontaxed entities. The result is a huge twist in incentives, away from entrepreneurial activities and toward safe, debt-financed activities. The flat tax would eliminate the harmful twist in the current tax system.
The people in the driver’s seat in the capital market, where money is loaned and borrowed, are those who lend out money on behalf of institutions and those who have figured out how to avoid paying income tax on their interest. These people do not like insecure loans to new businesses based on great new ideas. They do like lending secured to readily marketable assets by mortgages or similar arrangements. It is easy to borrow from a pension fund to build an apartment building, buy a boxcar, put up a shopping center, or anything else where the fund can foreclose and sell the asset in case the borrower defaults.
Of major importance with relation to size distribution is the failure to include all real, accrued capital gains, which are concentrated overwhelmingly among the very highest income classes. A small indication of the significance of this concentration is found in the published data for realized capital gains.