You do realize the inequality of a flat tax right? A flat tax would lead to even greater wealth inequality and more government subsidies for businesses. Two things we don't need. The percentage of Americans paying income tax today is roughly the same as it has been for the last 30 years. This is nothing new and there is no reason we should be hitting up retired Americans living off of social security with an income tax, etc.
Buffett has only suggested getting rid of the carried interest tax benefit that hedge funds, private equity, etc. receive. I don't see how anyone can honestly defend not removing the carried interest benefit --- Trump also agrees with removing it.
Tax laws have gotten increasingly more complex since the 1986 reform act. I don't follow your used undies deduction however this isn't the result of one political party. I've spent considerable time playing with the IRC and Regulations as a Partner of a Big 4 firm and there's too many forces driving the complexity of the IRC. The reason why major tax reform tax years and years to get drafted, debated and finally passed into law.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.