{"product_id":"making-tax-sense-9781498587174","title":"Making Tax Sense","description":"\u003cb\u003eBook Synopsis\u003c\/b\u003e\u003cbr\u003eOur tax system is a mess. And the reason for that mess is, our tax system is incoherent. A well-designed tax system is like a good jigsaw puzzle: all the pieces fit together snugly, so when the whole thing is fully assembled, it forms a coherent picture. But our current tax system is disjointed, with parts that don''t logically fit together. That results in inconsistencies, complexity, loopholes, and distorted incentives.We need a tax system that make sense. As this book shows however, making a traditional income tax coherent is an impossible goal. But coherence is achievable if we adjust our target, and complete the switch to a consumed-income tax -- a system that taxes all income, not when it is earned, but when that income is consumed. The move towards a consumed-income tax was begun decades ago, when we first adopted IRAs and other tax-deferred savings accounts. We just needed to complete the evolution.The book explores a variety of tax issues -- among them savings, small businesse\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTrade Review\u003c\/b\u003e\u003cbr\u003eKevin McGee’s book is a lucid guide to a big idea in the debate over fundamental tax reform, one that is aimed at achieving the hitherto elusive goal of a tax code that is fairer, simpler, and more efficient. -- Jason Furman, Harvard Kennedy School\u003cbr\u003eThe recent tax bill did not constitute a full-blown reform of what and how we tax. Thankfully, Kevin McGee reminds us of what a real pro-growth reform might be. The individual and corporate Income taxes fall more heavily on income used for saving and investment than on income used for consumption; they retard capital formation and wage growth, and they cost the country about a tenth of its potential annual output and income each year. McGee resurrects the concept of a progressive tax on income used for consumption – a “consumed-income tax” – that avoids these biases. It would allow more deferral of saving and full deductions for the cost of capital outlays. He has carefully explained how it would be applied to all manner of income and assets. Importantly, he addresses the transition to the new tax system, knocking down long-standing objections that it is too hard to get from here to there. This is a must read for young people new to the tax debates, and a good refresher for those who cut their teeth on the Flat Tax, the X Tax, and the national retail sales tax ideas of the post-Kennedy tax cuts era. -- Stephen Entin, Senior Fellow Emeritus, Tax Foundation\u003cbr\u003eTaking off from the inconsistencies, imperfections, and idiocies inherent in the current tax system, Dr. McGee lays out the most thorough—and certainly best explained—case for a consumed income tax that I have seen. Along the way, he tackles the many difficult issues in such a reform, including debt, depreciation, old and new wealth, inheritance, timing, progressivity, and difficult transition issues. A true tour de force. -- Eugene Steuerle, Richard Fisher Chair, the Urban Institute, Cofounder, Urban-Brookings Tax Policy Center\u003cbr\u003e\u003cbr\u003e\u003cb\u003eTable of Contents\u003c\/b\u003e\u003cbr\u003e1 \tThe Problem  2 \tThe Impossibility of a Coherent Traditional Income Tax  3 \tThe Logic of Consumption-timed Taxes  4 \tThe VAT, Flat, and all That  5 \tSavings \u0026amp; Borrowing Under a Consumed-Income Tax  6 \tThe Tax Treatment of Owner Occupied Housing  7 \tTransition Issues  8 \tThe Tax Treatment of Small Businesses 9 \tInheritances, Bequests, and the Estate Tax  10 \tInsurance  11 \tThe Corporate Income Tax 12 \tTax Expenditures 13 \tThe Trump Tax Cut  14 \tSummary: The Needed Tax Changes  15 \tIs Reform Attainable?  16 \tConclusion","brand":"Lexington Books","offers":[{"title":"Default Title","offer_id":51040850411863,"sku":"9781498587174","price":76.5,"currency_code":"GBP","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0817\/1739\/5799\/files\/9781498587174.jpg?v=1750948054","url":"https:\/\/bookcurl.com\/products\/making-tax-sense-9781498587174","provider":"Book Curl","version":"1.0","type":"link"}