Getting Wise About Tax Reform: It's About Eliminating The Code.(ISSUES & INSIGHTS)(VIEWPOINT)

Publication: Investor's Business Daily

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Byline: TOM GIOVANETTI

With re-election under his belt and improved majorities in Congress, President Bush is in a position to follow through on his convention pledge to pursue Social Security and tax reform.

Because tax reform is back on the radar screen, but especially since there's confusion on basic concepts of tax reform, it's time to correct misunderstandings and create useful policy perspectives on tax reform.

First, all taxes are paid out of income. Next time you rent a DVD, try paying the taxes with the shirt off your back or with a pack of gum (consumption). You can't pay taxes with consumption; you can pay only with cash, which comes from (someone's) income.

Every dollar that comes into...

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