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Milton Friedman - Why Tax Reform Is Impossible
YouTube ^ | 6/29/12 | LibertyPen

Posted on 06/30/2012 11:30:02 PM PDT by Nachum

Friedman explains why our tax code is enormously complex and not likely to change.

(Excerpt) Read more at youtube.com ...


TOPICS: Business/Economy; News/Current Events
KEYWORDS: friedman; milton; reform; tax
Not sure when this lecture was, but it was posted on YouTube as of the 29th. The good professor makes the complex easy enough for all to understand.

Vid at link

1 posted on 06/30/2012 11:30:13 PM PDT by Nachum
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To: Nachum

If the Republicans get a strangle hold on the House, this November, they could have a chance at reforming the tax code.


2 posted on 06/30/2012 11:33:12 PM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Nachum
Not sure when this lecture was, but it was posted on YouTube as of the 29th.

That would be the Carter Administration, 1978.

3 posted on 06/30/2012 11:45:02 PM PDT by cynwoody
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To: Nachum

I was in law school, taking Tax Law, the year after Reagan’s reform of the tax code. It made a huge difference. I laughed at my professor, who was so disappointed that his elegant presentations were of no use any more. Every once in awhile he did a problem anyway, just to show us how much fun it used to be, pre-1986.

Tax simplification is not only possible, it’s been done before.


4 posted on 06/30/2012 11:45:42 PM PDT by married21 (As for me and my house, we will serve the Lord.)
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To: cynwoody
That would be the Carter Administration, 1978.

But, having viewed a few minutes, it might as well have been given on the 29th.

5 posted on 06/30/2012 11:55:33 PM PDT by cynwoody
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To: Jonty30
If you would like to live in an economy with few taxes, look at the APT TAX. www.apttax.com

In a nut shell, would you be upset if all you paid in tax for 100K income is $4000 per year?

6 posted on 07/01/2012 12:18:14 AM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: agincourt1415

If Americans were truly taxed in terms of how much things actually cost to do, you could probably halve the amount that is paid in taxes easily.


7 posted on 07/01/2012 12:31:14 AM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Jonty30

Not according to Friedman they couldnt.


8 posted on 07/01/2012 12:33:24 AM PDT by Vanders9
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To: Vanders9

Friedman is correct, in that the self-interest of the electorate and politicians, make tax reform very difficult or impossible.

But that is under normal circumstances, where there are enough minority (not racial, but number) Congress members who can block any meaningful reform.

However, if it is a rare occasion that one party has a lock on the legislative and executive, anything is possible.


9 posted on 07/01/2012 12:54:45 AM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Nachum

Bookmark


10 posted on 07/01/2012 2:56:50 AM PDT by Bon mots ("When seconds count, the police are just minutes away...")
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To: Nachum

*


11 posted on 07/01/2012 3:19:30 AM PDT by BerryDingle (I know how to deal with communists, I still wear their scars on my back from Hollywood-Ronald Reagan)
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To: Jonty30
If the Republicans get a strangle hold on the House, this November, they could have a chance at reforming the tax code.

True they could, but they won't.

12 posted on 07/01/2012 3:38:40 AM PDT by Fzob (In matters of style, swim with the current; in matters of principle, stand like a rock. Jefferson)
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To: agincourt1415
If you would like to live in an economy with few taxes, look at the APT TAX. www.apttax.com

I did look. Thanks, it is an interesting concept. I like the simplicity of the APT tax and the elimination of the income and other taxes. However, the simplicity and low rate is also the problem. If 0.35% is revenue neutral, then 0.45% may pay for more government programs, and 0.55% would pay for even more pet political projects, etc. The transaction tax isn't clearly visible and is paid along the chain of transactions. Sounds like the VAT. I prefer a national sales tax along the line of the FairTax precisely because it is so high (upwards of 30%) to be revenue neutral and so clearly visible as a separate line on the sales receipt stating "Federal Sales Tax."

Ultimately, the issue really isn't taxing it is spending. Taxes are the symptom and run away spending is the illness. The smaller the percentage and less visible, the easier it is to raise and feed more spending. On that count, I would oppose the APT. Make taxes as clearly visible as possible and paid by the every consumer. When the true cost of the beast is visible to all is when you will get agreement to reduce spending.

13 posted on 07/01/2012 9:23:39 AM PDT by Armando Guerra
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To: Armando Guerra

A version of this was described about 30 years ago in a Science Fiction short story (I think it was Analog). It was called the FIST (floating instantaneous Sales Tax). Everyone used a computer for their transactions, and the sales tax was applied to each transaction. (Instantaneous)

When Congress passed a spending bill, the sales tax rate would be adjusted (hence, floating).

Now for the good part. Every one of these computers has a red button to register dissatisfaction if the FIST went up.
a) if a majority if the voters in a congressional district punched the red button within any 24 hour period, a small explosive charge that had been inserted into the back of the congresscritter’s head would explode.
b) if a majority of the voters in a State ...
c) if a majority of the voters in the country ...

If we are going to do the APT, we should do the FIST.


14 posted on 07/01/2012 3:42:17 PM PDT by Mack the knife
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To: Jonty30
The problem is most financial actions are not taxed. AND many people don't pay income tax.

APTTAX.com is a wide flat tax on all financial transactions.

A wider flat tax, lowers the taxes for people that have been paying out the nose, taxes. And the people that have not paid will start paying.

Liberals like it as an add on tax to all the other taxes, ant that is a FAIL.

Conservatives and Libertarians want it to replace all the federal taxes. And it could replace the state sales tax.

15 posted on 07/01/2012 4:47:20 PM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Jonty30

Take a look at APTTAX.com, its not a sales tax or a vat tax.


16 posted on 07/10/2012 9:20:19 AM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Armando Guerra
Apt is not a VAT Tax. And a National Sales tax will only replace the Income Tax.

I don't understand the argument, that this is a hidden tax.

And yes politicians can raise our taxes, there is no defense against that. Does not matter what tax system we have they can still raise the rates.

The economy would boom under APT, and yes the government would have more income (Trouble). And yes lawmakers could mess with the rates. We cannot change behavior of our system of government. We can change to less intrusive way of collecting revenue. And become close to a almost tax free economy.

I think it would work better than what we have now. The taxes we have now just kill our economy.

17 posted on 07/10/2012 9:27:13 AM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: agincourt1415

From what I’ve read, it’s not an income tax either, but a tax for moving money.

It’s not going to work, because it would stop trading dead in its tracks.


18 posted on 07/10/2012 9:45:07 AM PDT by Jonty30 (What Islam and secularism have in common is that they are both death cults.)
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To: Jonty30
You're wrong, I have been in the industry, stocks and forex trading. Nobody is going to complain about losing the capital gains tax, and adding a tiny .03 tax on transactions.

Traders are not stupid, in fact, overseas trading will move back to the United States.

No need for secret accounts and such.

Since the United States will have no income or capital gains tax.

19 posted on 07/10/2012 12:49:29 PM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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To: Mack the knife

Sorry I have been busy with the family summer schedule and have not had the chance to read your post until now. I literally laughed out loud. I love it and would be all in favor of FIST. Thanks.


20 posted on 07/23/2012 8:25:54 PM PDT by Armando Guerra
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To: Mack the knife
I have to agree with this concept! APT and the button for increases cause the congressmans head to explode, LOL! That is funny.

I can get to Rubio on this. I hope he is going to be Vice President.

21 posted on 08/03/2012 3:25:52 PM PDT by agincourt1415 (Tired of the current State, and Federal Tax System go here: APTTAX.com)
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