While it’s a significant improvement, we need something as drastic as what Steve Forbes proposed in 1996: a 17 to 19% flat tax where the only loophole is a very generous initial earned income (wages and pensions) exemption. The result would be tax filings that would make the current 1040 EZ forms look complicated in comparison and could save American taxpayers 75% of the current yearly compliance and economic opportunity costs of the tax code—imagine US$750 billion per year freed up for way more productive economic activities.
Flat tax won’t work unless it’s on ALL income - wages, dividends, faux “benefits”, investment income, etc.
Income is income. You spend a wage dollar the same way you spend a dividend dollar. Forbes and all those other guys who limit flat tax on wages only get most of their income from other sources, like dividends, exchanges, company benefits, etc.
And NO deductions. Phase out mortgages over 10 years. Removing the mortgage deduction will bring house prices down and more affordable. They are only high now because most people, especially the wealthy home owners, are getting a taxpayer subsidy of up to 39% on their luxurious mansions, while you live in an apartment.