We should either go with Steve Forbes' flat income tax plan with its 17% flat rate income tax after a generous household deduction (with no more taxes on bank account interest, stock dividend payments and capital gains) or just repeal the 16th Amendment and replace the income tax with something like FairTax. This would encourage American residents and businesses to keep their savings and capital investments in the USA, meaning that circa US$16 TRILLION in American-owned liquid assets, millions of jobs and thousands of corporate headquarters no longer to sit "offshore" as an income tax avoidance measure. And that could mean an economic boom on a scale that would make the 1980's boom seem like a minor event in comparison once we clean up our income tax system.
Right. Get rid of everything “progressive” beginning with the income tax.