04/19/2017

Why Do We, A Free People, Put Up With The Atrocity Of The Federal Income Tax Code? [Watch]

Steve Forbes, Forbes.com

WHY DO WE spend more than $400 billion a year complying with the federal income tax code?

Why do we spend more than 6 billion hours a year filling out tax forms?

Because our current political power structure thrives on it. Washington politicians and the numerous lobbyists roaming Capitol Hill like things as they are. The pols will never make such a confession, but tax code complexity is an enormous source of power for them. Trade groups and their hired hands on the Hill justify their opulent existence by claiming to protect tax breaks that are essential for civilization. The most notorious of these groups are the housing and charitable lobbies.

The American public would gladly ditch the current monstrosity for a system in which a person could file his or her return on a single page or by a few keystrokes on a computer; i.e., the flat tax, a system that is already in existence in over 40 countries and jurisdictions, such as Hong Kong. It works.

But try to get an American politician to make it a front-burner cause! Most are too scared to attempt it. They'll mumble about the need for a tax code that is "simpler and fairer," but that's it. They fear getting in the lobbyists' crosshairs. They tremble at being accused of benefitting the rich, while shafting the poor and gutting health care and the tax breaks of home ownership and charitable giving.

There are powerful, conclusive arguments aplenty that respond to all of these objections, including a couple of books of my own, the latest being Reviving America: How Repealing Obamacare, Replacing the Tax Code and Reforming the Fed Will Restore Hope and Prosperity. 

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Keynesian Economics and the Great Depression

Hillsdale College economics professor Gary Wolfram discusses Keynesian economics and the factors that pulled the national economy out of the Great Depression. The story of World War II shows that government spending may produce activity, but not the prosperity of a truly healthy economy.

 

-- Gary Wolfram, Hillsdale College,

Shadow Stats Snapshot


ShadowStats alternate economic indicators are based on the methodology of noted economist John Williams, specialist in government economic reporting.

  • Unemployment:
    BLS: 4.5%
    Shadow Stats: 22.5%
  • Inflation:
    March Year-to-Year: 2.38% (CPI-U*)
    Shadow Stats: 10.1%

*[cpi-u is the Bureau of Labor Statistics inflation rate for all urban consumers]