Everybody should pay income tax

This article in the WSJ outlines the disparity in our current tax code.  It also re-enforces our previous posting on "Ultimate Moral Hazard."  Unfortunately, it leaves out a discussion of the social taxes that are paid by the low end of the income ladder.

To be successful, tax reform must meet a variety of goals.  First and foremost, it must have broad appeal.  Second, it must inherently contain elements of "self control" of tax and spend.  Third, it must be flexible enough to raise required revenue.  Fourth, it must be constructed to resist manipulation by special and political interests.

The Hedge Tax does propose a "peaceful revolution" that meets these objectives.  This need for tax reform is urgent if we are to avoid a real revolution.