![]() ![]() ![]() ![]() The best way to achieve this is by simplifying the tax code. He asks, “How much is the most anyone should have to pay? When do taxes indisputably start to harm the economy and produce less revenue-when government takes 50% of people's income? 60%? 70%?” If there is a maximum amount that an individual pays, then once past that cap they wouldn’t pay any further federal income tax for that year.Ĭochrane breaks down the ideal tax structure in his article “ Here’s What Genuine Tax Reform Looks Like.” He argues that the first goal of taxation is to raise the necessary amount of government revenue while causing the minimum of economic damage. In a Wall Street Journal op-ed, “ America Needs an Alternative Maximum Tax,” John Cochrane proposes a new kind of tax that caps the amount that people would pay in taxes to prevent indefinite tax-rate hikes. ![]()
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