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Dr, Rahn is wrong, of course, in advocating for a flat income tax. The FairTax (http://www.fairtax.org) is a MUCH better solution!
He is, however, to be commended: the fact that such a heavy Inside-the-Beltway-hitter has brought the subject up is worthy of note.
He makes several great points in favor of abolishing the current system — his mistake is in advocating for a similar, though simpler, system which keeps most of the evil parts of the present code intact. The only thing that really changes with the flat income tax is the rate, and just how long do you think that it will stay low and flat?
To find out how to help us replace the income tax with the FairTax and abolish the IRS, please see http://www.fairtax.org.