Clark's Tax Plan
A bold stroke by Clark. A lot of people are going to realize that under this plan, they won't be paying any federal taxes. Damn. Shows you just how much the top end in this country makes...
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Ross
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Not too bad, but not too bold
Not too bad, but not too bold either. Currently families making under $50K with a kid pay very little tax anyway... all Clark wants to do is simplify, in a sense, the tax code so that EITC and CTC and other credits are a one-stop deal. It is bold in the sense that he wants to take fairly radical steps to make the taxation process less complicated, but it doesn't necessarily revolutionize the status quo.
I think the yearly tax thing, by the way, is great. It means you have to take a look at what you earned, and spend some time thinking about it. The UK doesn't make you do it, and look at them-- a bunch of toothless buggery enthusiasts addicted to Demon Rum and Internationalism.
That all being said, I think Clark's plan has its merits. If only he didn't look so much like that dude who played Wormtongue in Lord of the Rings as well as the Evil Scientist in Alien:Resurrections and Satan in Exorcist III.
The tax withholding scheme is
The tax withholding scheme is the only thing that keeps us from a revolution. It was implemented in WWII as a means for getting money into the war machine more efficiently. But its primary effect has been to confuse the public on the nature of the effect of taxation. Instead of writing a check ot the government for taxes every year or even every quarter, many people get the delicious feeling of recieving big check from the treasury.
Even though I know how terribly much I give to the gubmint, on an emotional level I'm still thinking, "Cool, $800!" It is the government giving back some of the money it took. Without interest, even.
It makes the tax process relatively painless. But it shouldn't be, as a practical matter. Writing a check for 30% of your income on April 15 would wake most people up to the reality of taxation. Even for those on the lower end of the scale, that's likely larger than any check they've ever written before. It's easy to approve of government plans to spend money when it's spending money that you never had any real perception of having, since it was never in your bank account, never earned you interest, etc.