U.S. Treasury Secretary Jack Lew spoke at the Brookings Institution on Wednesday. His message was clear, he wants to mess with the tax code.
“Let me say at the outset that our entire federal tax code needs to be overhauled. It has been almost 30 years since we last rewrote it, and since then, the tax system has become heavily burdened by loopholes and inefficiencies,” according to Lew’s prepared comments.
"Tax reform" is always a dangerous game. It always ends up resulting in higher taxes. Indeed. Lew admitted at Brookings that this would obviously be the case in the short-term.
The switch to a new tax system would “generate one-time transition revenues” and the Obama administration “would use a portion of this temporary revenue to pay for long delayed one-time investments to upgrade our infrastructure, helping to address the funding gap we face to meet our long-term transportation, water, and electricity needs,” according to Lew.
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Mr Lew missed an excellent opportunity to declare that this one-time confiscation--er, revenue--would be used for education. "It's for the children," you know, and if one child's life is improved....
ReplyDeleteIt's so nice to have bullion out of reach of these creeps, it's eases my mind tremendously.
ReplyDeleteThe tax code needs to be abolished, not reformed. The 16th Amendment needs to be repealed and the IRS demolished.
ReplyDeleteOf course, none of this will happen, because the beneficiaries of the income tax are the people voting for its "reform." They squander the money buying elections and funding the MIC's illegal foreign wars.
No, the only true reform happens when the dollar system collapses.