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Would lump sum income tax turn our deficit around? encourage hard work? minimize tax loopholes? be a "fair" taxation?

People with economic knowledge should all answer yes to the first three questions. People who answer yes to the fourth question give me hope for the future. People who answer no to the final question need to do three things.
1) Reconsider the role of government
2) consider the theoretical meaning of "fair"...wouldn't fair be keeping what you earn.
3) Win the lottery and lose over half of it to income tax

  • Mar 4 2014: "People with economic knowledge should all answer yes to the first three questions"

    Actually, I'd say anyone answering yes to those three questions has very little real economic knowledge.

    Explain what you mean by "lump sum" income tax.

    Where do you think money comes from?

    Define hard work. Who works harder? The ditch digger or the person managing the entire department of transportation?

    Why would minimizing tax loopholes be a good thing? A loophole is a tool that allows people to avoid taxes by doing things with their money that is good for the economy. Avoiding taxes is good. Doing things with your money that is good for the economy is good. How can a loophole be bad?

    What is your goal for the economy? For the tax code? For the existence of money?

    Which was more fair? The Gilded Age, pre-income tax, when 10% of the population owned 90% of the nation's wealth and the vast majority lived in abject poverty?

    Or the 1950s, with falling inequity, the strong middle class, ample employment opportunity, and a 91% top marginal income tax rate.. that NO ONE paid because of the abundance of loopholes that allowed high income individuals to avoid taxes by investing in things that created jobs for others.