Have you noticed the increased prattle about tax reform? It's been hard to miss. Must be political season again. Be that as it may, it got me thinking about tax reform.
To me, reform implies tinkering with something already in place to make it function better. I'm not sure reform is the right concept when directed to our current income tax systems (personal and corporate). Seems too timid. Scrap the current system and start anew appeals to me.
So, let's assume the powers that be have asked me to design this new tax system. Granted, this is not likely anytime soon, but let's pretend. Here are my thoughts.