Freer Markets within the USA
Tax changes that make trade freer within the USA. Phasing-out supply-side subsidies and leveling the playing field for the working person.
by
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It’s very curious, with many people in the media calling for less government interference and freer markets, there is very little talk concerning the difference in taxation of different types of income, even though the vast majority of people make most of their money from work, the higher taxed type of income. It may be that investment income has had a media advantage along with the tax advantage. And it may very well be that financial interest may be swaying the media, swaying the public, and swaying the tax code. It may be difficult or subjective to determine if the media is out of balance, but the tax code is more black and white. Different types of income are definitely taxed very differently. It would be good for some in the media to look at the difference in the taxation of different types of income as a reason markets get out of balanced. But individuals can also do this on their own. A closer look at the tax code and the relationship it has with the economy may be an eye-opener for many. The imbalance in the tax code should become apparent to a greater number of people. The greater the difference in tax rates between investment income and work income, the less free the markets are and the more out of balance the economy is. This imbalance in the economy leads to greater income inequities. The imbalance in the economy likely leads to more use of safety net programs as less money flows to work income. Putting the tax code into balance, phasing out the supple-side subsidies of tax advantages for capital gains and dividends would allow workers to receive pay based more on the free market. Allowing workers to receive the full fruits of their labor would lessen inequities and there would be less use of safety net programs, thereby reducing government spending.
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About the Book
In Freer Markets within the USA, the author evaluates present tax system and other tax proposals. He suggests gradual, practical, free-market changes that reduce specialized tax breaks and level the playing field for the working person. Instead of having specialized tax breaks for nearly every type of income in which actual work is not involved, a free-market approach suggests moving toward taxing different types of income the same. The author suggests ways to make social security and Medicare more solvent, health care more affordable, the federal government more financially sound, and the economy more stable and efficient. Topics such as monetary policy, market bubbles, trade agreements, immigration, unions, employment, national debt, spending, and voting are also discussed.
About the Author
The author, born in 1958, is a registered Democrat. He points out how deficiencies in the tax code increase income inequities. His straightforward approach of moving toward taxing different types of income the same is sure to be of interest to the general public and to many economists as well.