Richard Charles is the Libertarian Party candidate for U.S. House in Nevada’s first district. The following was posted on his blog:
Tax official Adam Smith wrote in 1776 in Wealth of Nations that lower tax rates produce higher revenues. Kennedy and Reagan proved it by doing it.
Most Americans have known for generations our complicated tax system is broken, inefficient, political, punitive, uncompetitive and unproductive.
In 1994 we gave published testimony to Bill Archer’s House Ways and Means Committee on Reforming Complicated Income Taxes with a single 10% flat income tax, proportional and uniform as mandated by our Constitution.
Hong Kong has had a flat tax for a long time, and it’s been the world’s fastest-growing economy over some 50 years
Putin, with his KGB PhD in Markets, then adopted a 13% Russian flat individual tax and 24% flat corporate tax.
The result was Russian tax revenues grew 50% in the first two years:
Russia went from a broken economy to 5th in the world in financial reserves and 3rd in the world by trade surplus:
America did nothing to fix taxes and our economy is indebted and stalled in real terms.
The USA, world’s largest creditor under Reagan, is now the world’s largest debtor, with $151,340 Federal debt per taxpayer, $757,330 US debt per family and $120 Trillion in unfunded liabilities like social security, healthcare and welfare transfer payments:
Twenty years of practical business and financial experience later, we conclude the APTTT Automated Transparent Transaction Tax proposed by Nobel Laureates in Economics and University of Wisconsin Economics Professor Emeritus Edgar Feige, can take the USA from present failing falling casino economy to productive economy with jobs growing by leaps and bounds.
With APTTT we will unleash our full economic freedom and potential, if we are able to overcome unfounded fears, inertia and opposition of Wall Street that bailed itself out on the backs and in the pockets of working taxpayers.