Posted by strikeout26 on 2/19/2019 10:20:00 AM (view original):
Step 1 to revamping our tax code is to shrink government. There is not much that can be done with a $4T+ budget. If you took every penny from the richest people in America, it still barely covers our deficit.
I don't think that's true at all. The deficit was shrinking until the Trump tax cuts.
I think there are two different ways to approach your question.
If we're talking start from scratch and make up whatever tax system you think works best, I'd probably go with a land value tax. Obviously, it never will happen, at least not at the federal level, but it would solve some problems if we could do it.
If we're talking about changes within the general framework that we already have (income taxes), then I'd probably argue for smaller changes. I'd shift more of the tax burden to the very, very high levels of income and completely away from the lower levels. That would help eliminate a lot of the deductions that some people hate. I'd also institute a universal basic income.
With UBI, we could eliminate the minimum wage if we wanted to. Companies would have less leverage and actually have to make it worth someone's while to work there.
Last, I'd completely unchain health insurance (assuming we haven't graduated to a Medicare-For-All system) from employment.