Well, Pat is not late to this party: He has written three op-eds about replacing the income tax with a National Retail Sales Tax, now known as the FairTax:
1. “A tax whose time has gone?,” Tribune Media Services, April 17, 1991;
2. “Brave new world: no tax forms, no IRS,” Tribune Media Services, April 15, 1994; and
3. “Sales tax Alternative,” The Washington Times, July 14, 1997, p. A12.
As all of you know, FairTax abolishes the corporate income tax.
What disappoints is that Pat did not go all the way with his Tax Reform thoughts, as he did in 1991, 1994 and 1997.
But, calling for an end to corporate income taxes is a great start!
And, given the fragile economic climate we live in, could be a catalyst for even bolder steps to end the Obama depression!
It would cut yearly tax compliance costs as much as 95 percent (instead of spending soon US$500 BILLION per year in tax compliance, we now have US$475 billion per year now freed up for more productive activities), and would eliminate 50% of the lobbyists in Washington, DC (and all the corruption that goes with it!). The DJIA would zoom past 25,000 in a matter of a few years because we eliminated capital gains and stock dividend taxation. And that only scratches the surface of the positive effects on the US economy.