Taxation

We were delighted to see the excellent article “American Taxation” by John Steele Gordon in the May/June issue. In particular we applaud his accurate recounting of how tax-rate reduction in the twenties, sixties, and eighties led to higher tax revenues and higher relative tax payments by the rich.

Like him, we think that the flat tax would move huge sums out of tax shelters and unproductive assets into highly productive activities, free billions of currently wasted man-hours needed to comply with the current tax code, and produce powerful incentives for savings, investment, work, and entrepreneurship.