This proposal was originally posted on the website Dead River Journal.
The president’s deficit commission chaired by Erskine Bowles and Alan Simpson issued its report in December. It concluded that meeting the debt challenge will require both reductions in spending and increases in revenue. For the latter it recommended that the tax code be simplified and that the incremental revenue be used to reduce the deficit and lower tax rates.
I have believed this for a long time and am glad to see support developing in Washington. Attached is a draft of a proposal I plan to send to key members of Congress and Whitehouse staff. Please review the proposal and let me have your comments. Thanks.
Go to Tax Simplification and the PlainTax.
Bill Allen, February 6, 2011