The consequences (intended or otherwise) of our current tax policy is excess consumption. Currently there is not one single incentive for individuals to save and invest which most everyone on both the "left" and "right" will finally admit is the foundation of a stable economy. Since the current tax policy was implemented in the 60's consumerism has driven our growth and simultaneously sown the seeds of our current situation (e.g. huge trade deficit, debtor nation, aka - no more money.) Additionally, our current income tax program is really just a wage tax on those who are paid "W2 wage". Those who file 1099s are not impacted by our tax system for the simple reason is that they have the ability to pay expenses with pre-tax and instead of post-tax money. It makes a huge difference that creates a tremendous inequeity and anyone who thinks everyone is paying their fair share is a fool.
Anxious to hear whether anyone feels the same and your thoughts on a new tax program (e.g. flat, fair, etc.) should finally be considered.
