According to a Rueters News report, President Obama expects to raise nearly sixty billion over 10 years by by tightening rules related to the estate tax and close unspecified tax loopholes.
While I freely admit to being an Obama supporter I don’t think the move to tighten the estate tax code is either needed or will be effective. While there is a consensus that closing tax loopholes would be a good first step in fixing a broken tax system; how to fix the current tax code is not the problem, the problem is the current tax code.
We need to find new ways of looking at the problem. Mike Huckabee proposed a national sales tax much like the one supported by The Fair Tax Organization. I like the idea but the Fair Tax has generated it’s share of opponents. Which is not surprising.
The current tax system in the United States is a political tool. Every politician promises to cut taxes while blustering about how unfair taxes are to every group they are wishing to court. A scarier aspect is the IRS seems to have become the strong arm of the government.
I believe it is time to change, I don’t have all the answers but I’m willing to get involved in the debate.