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| Top Economist Says Tax Switch Simple, Fair (From Income to Consumption) |
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posted by admin
on Thursday December 02, @08:15PM
from the now-you-see-it-now-you-don't dept.
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WASHINGTON -- Basing the government's tax system on consumption rather
than income is not as radical a change as it seems, President Bush's
chief economic adviser said Thursday.
Bush's goals are tax
laws that are simple, fair, promote growth and create jobs, said N.
Gregory Mankiw, chairman of the president's Council of Economic
Advisers.
Bush has said that he will make overhauling those
laws a priority in his second term and will appoint a commission to
make recommendations.
Mankiw, reviewing some of the options
Bush will consider, said many economists believe that tax laws
discourage saving and investment and that changing that could free up
money for business investment.
Under a consumption tax, Mankiw
said, "The result would be greater saving, increased capital
accumulation and higher growth in productivity and wages."
more...
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