Friday, October 17, 2008

Chris Kelly on the Flat Tax

Chris Kelly in HuffPo, quoting Jack Kemp on the flat tax:

This new surge of capital would end the credit crunch, and allow old businesses to expand and new ones to start. Wages would grow, along with the overall economy. And as the world invested in America, the dollar would strengthen, as happened in response to the tax cuts that generated the 1980s Reagan boom. This would ease inflationary fears and pressures on the Fed.

It also regrows hair, makes old vinyl upholstery shine like new and brings dead pets back to life. (Only they're evil.)

Of course, that's all crazy talk. The Flat Tax won't do any of those things, any more than eliminating all taxes on people whose names begin with the letters A through K. (Think about it. They'd have more to spend. And that makes jobs. And then Reagan comes back to life. Only he's evil.)

And a bit further on:

America has added about a trillion bucks to the national debt in the last three weeks. If we announced that our next step was to slash tax revenues the dollar would collapse and we'd turn into Zimbabwe, only with less interesting large predators.


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