DENVER, Colorado – Benjamin Franklin wrote, in 1789, that “Our new Constitution is now established, and has an appearance that promises permanency; but in this world, nothing can be said to be certain, except death and taxes.”
Franklin’s words have new meaning today when the citizens of this country desperately need a fair and understandable system to replace tax laws which retain most of the archaic provisions adopted during the last century.
In “Tax Reform with the 20/20 Tax: The Quest for a Fair and Rational Tax System,” by James Tanner, the author proposes a pragmatic and understandable approach to fixing an antiquated system.
“For those that want to participate in the national debate on federal tax reform,” Tanner said, “it begins with an understanding of the current system and why it was set up the way it was. Today’s federal income tax code is the result of 100 years of legislative layers, which have been motivated more by politics, than by statesmanship.”
Tanner is a certified public accountant, with more than four decades of experience with tax policy. His “20/20” concept is based on a structure, where most taxpayers would pay a tax rate of no more than 20 percent, with almost all deductions and credits being applied at a consistent, 20 percent rate. There would also be tax brackets for low and high-income earners (10% and 30%, respectively).
“Our tax system should not reduce the incentive to work, save, invest or be married,” Tanner said. “My proposal changes the tax calculation process and replaces it with a much more intuitive approach.”