The income tax was probably the worst idea (okay, not the worst, but close) when it comes to taxes. Who thought of this anyway? "Hey, I have a great idea: let's tax everyone's incomes." Or an even better idea, "No, no, no, let's take it further and the more someone makes, the more they get taxed!" Penalize people for producing. Great Idea.
Not only has the income tax stifled production (why would someone want to produce more when they can only keep .15 for each dollar they earn?) but it is simply inefficient. The tax code is so complex that only the very rich can afford to hire teams of accountants and lawyers to find loopholes so they can pay as little as legally possible. Not to mention the hours upon hours that people spend each year filing returns. How about we spend that time doing something a little more efficient? We all know that we can surely spend that money much more efficiently than government could ever dream of.
Especially in this time of economic downturn, you would think the government would think of a better way to stimulate economic activity than pull close to a trillion dollars out of the private market (that 'stimulus' money has to come from somewhere!). Come on, how many of you out there honestly think that the income tax is a good idea? Honestly! I would seriously doubt that more than 25% of the American population (when they actually stopped and thought about it) would rather have the income tax than NOT have it.
Alas, there is at least one voice of sanity when it comes to sound economic policy. Who else but Ron Paul?:
"If Congress really wanted to do something helpful, it would cut taxes. Ideally, we would repeal the income tax altogether and get the IRS off the economy’s back, which would be a huge boon. We should also cut spending. Cut every unconstitutional department and program, every wasteful governmental encroachment on the people’s liberty and money, starting with our massive overseas empire. The cost of our empire is bringing us to our knees, just as the Soviets’ empire did to them. Congress should also abolish the Federal Reserve and take back its responsibilities to ensure sound money, safe from the manipulations of powerful banking interests."
-Ron Paul, Texas Straight Talk