Sen. Marco Rubio (R-FL) wants Olympic medal income to be exempt from tax. That idea may tug at emotion and tap into national pride, but it is poor tax policy. Going forward with an exemption for Olympians would simply add another special carve-out. The idea points out — yet again — the serious need for tax code overhaul. With nearly half of Americans paying zero federal income tax, the code is crying out for reform.
Here in North Carolina, our tax code needs an overhaul as well. Agenda 2012 from the John Locke Foundation lays out the path.
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03
2012 At 2:11 pm, mike978 Said:
Completely agree, a simplified tax code would be great. Surely some kind of grand reform could be enacted which lowered rates, but got rid of exemption. It is why the much quoted corporate tax rate of 35% being “the highest” on the G7 is misleading because of all the tax exemptions the rate is much lower. Would be more honest and cheaper just to set it at 20% and have limited exemptions.