15 Aug 2011

Cut out almost every income tax loophole, make all income (capital gains on investments included) taxed using the same simple model, lower rates across the board (especially for lower and middle income earners - where the money will mostly go to boosting demand, where the economy is weakest right now) and put at least half of the savings towards cutting the deficit. Common sense ideas like this are how we could, in one fell swoop, make the tax system more fair, cut deficit spending and stimulate the economy where it needs stimulation - if we lived in a saner world. Fellow Omaha resident Warren Buffett (whose house I used to walk by often, having no idea it was his) talked at length about part of this equation in an op-ed in the New York Time on Sunday, saying that we need to "stop coddling the super-rich". I would have gone farther, saying we need to stop giving special deals to anyone. For example, why should investment income be treated any ...