Our income tax system : designed for an economy that no longer exists ?

The income (tax) system, designed for an economy that no longer exists, is perhaps, too great a political cash cow for it to be abandoned in favor of something that raises fewer campaign contributions — even if that might actually save the economy of the United States.

Clearly, the revenue side is but one part of a two-sided equation. No matter what tax system is used, when Congress and the president are spending $1.67 for every $1 dollar in tax revenue, the United States is going to go under. The U.S. economy is no more unsinkable than was the Titanic — only for the U.S. economy, debt is taking the place of the North Sea.

Link to moneynews.com quote source.

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