Is The End of The IRS in Sight?

By Richard Rahn Tuesday, 08 July 2014

July 1 might go down in history as the beginning of the end of the comprehensive, progressive income tax.   A progressive income tax, in which the government attempts to tax all labor income and capital income, such as interest, dividends and capital gains more than once, cannot help becoming so complex that it eventually dies of its own weight. This is particularly true when the government attempts to tax the worldwide income of its "tax persons" rather than the income located in its own territory.

The complexity is caused by the never-ending attempt to define what income is and what should be exempt (loopholes).  Press reports now state that the U.S. tax code is more than 77,000 pages and growing at a rapid rate. Obviously, no one individual or even teams of lawyers and accountants can fully understand all of this, including people at the Internal Revenue Service. 

 

When laws are too complex and increasingly subjective in their interpretation, it inevitably leads to corruption. All but the willfully blind now understand that the IRS has both become corrupt and incompetent.......To Read More.....