Concrete Proposals to Simplify Income Tax Systems
Thursday, 28 March 2024, 21:00
Simplify Income Tax With Four Concrete Proposals
Simplification is crucial in the complex world of income tax. Despite the desire for simplicity, the tax code remains convoluted. Congress could implement proposals to simplify taxes for all Americans and reduce complexity.
Four Proposals for Simplification:
- Eliminate itemized deductions
- End preferential tax rates for high-income individuals
- Standardize tax definitions
- Introduce a value-added tax (VAT)
These changes aim to enhance the efficiency of tax systems and support low- and middle-income households without adding to the government's debt.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.