In a perfect world, we would shrink government to such a small size that there was no need for any sort of broad-based tax (remember, the United States prospered greatly for most of our history when there was no income tax).
In a good world, we could at least replace the corrupt internal revenue code with a simple and fair flat tax.
In today’s Washington, the best we can hope for is incremental reform.
But some incremental reforms can be very positive, and that’s the best way of describing the “Economic Growth and Family Fairness Tax Reform Plan” unveiled today by Senator Marco Rubio of Florida and Senator Mike Lee of Utah.
The two GOP senators have a column in today’s Wall Street Journal, and you can read a more detailed description of their plan by clicking here.
The problem isn’t just in Europe. Like the ECB, the Federal Reserve also has tried to goose growth with easy-money policies.
But that’s like pushing on a string. Maybe there are times that the financial system needs more liquidity, but folks shouldn’t labor under the impression that printing more money solves the structural problems caused by too much spending, too high taxes, and too onerous levels of regulation.
And it’s quite possible, of course, that easy-money policies actually undermine long-run prosperity by creating bubbles.
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