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Wednesday, June 22, 2005
The HOT tax

National Review Online contributing editor Deroy Murdock published an excellent article last week proposing a HOT tax for the United States - a Higher-rate Optional Tax.

Murdock is proposing adding a small box to the Internal Revenue Service 1040 form. In it, those who feel undertaxed, like Barbra Streisand, can indicate whatever higher rate at which they would like to be taxed.

The proposal is self-financing - the extra revenue collected would cover the administrative costs - and it would also satisfy people who claim that they would be willing to pay more tax.

Murdock is hoping to see someone on Capitol Hill run with the idea. I'll keep you posted on his success. In the mean time, I highly recommend his article.

Posted by Matthew Elliott | Permanent Link

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