We don't need new taxes. We need new taxpayers, people that are gainfully employed, making money and paying into the tax system. And then we need a government that has the discipline to take that additional revenue and use it to pay down the debt and never grow it again.
We need to stop kicking the can down the road and rethink our entire tax system toward long-term, comprehensive tax reform.
I support transitioning from the progressive tax to a flat tax system - both individual and corporate/business.
Everybody gets ticked off about GE paying no taxes. Look, we have a complicated, convoluted tax system. And only big corporations and wealthy individuals like Warren Buffett can take advantage of it. We need to simplify and flatten the code, get rid of all the loopholes.
I've advocated a proportional tax system. You make $10 billion, you pay a billion. You make $10, you pay one. And everybody gets treated the same way.
This country pays a price whenever our economy fails to deliver rising living standards to our citizens - which is exactly what has been the case for years now. We pay a price when our political system cannot come together and agree on the difficult but necessary steps to rein in entitlement spending or reform our tax system.
Balance the federal budget now, not 15 years from now, not 20 years from now, but now. And throw out the entire federal tax system, replace it with a fair tax, a consumption tax, that by all measurements is just that. It's fair.
Virginia 's tax system needs to be fixed. The time to act is now. Do not send me any more studies. Do not send me another piecemeal approach that confuses tinkering with real reform.
We can fight over what the taxation levels should be, but the tax system should be very, very simple and not distortionary.
To me, there are four F's in a good tax system: it ought to be flatter, fairer, finite and family-friendly.