Income tax pontificator David Cay Johnston can't help but think that maybe this particular revenue generation policy has run its course.
It’s time to consider whether to get rid of income taxes, personal and corporate. What are the strengths and weaknesses of our current system? Should we tax individual and corporate income — or something else? We need to think about it. Whatever systems we consider, we should weigh up what it takes to raise the necessary revenue along with such other attributes as minimal compliance cost, leakage and economic distortion. Times change. Tax systems must change with them or else their lubricating effect turns to sand, wearing down the gears of commerce.
The downside, of course, of the income tax going the way of the dodo would be that DCJ's sacred writings would no longer be falling from the sky like manna. In other words, do you hate taxes more than you love DCJ? WAIT! Think before you answer.
Time to junk income taxes? [DCJ/Reuters]