Word: bradfords
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...BRADFORD: You shouldn't have an interest deduction in my ideal system. It would slowly go away as you move from one system to the other, if the politicians could stand the heat...
...DAVID BRADFORD: As a Treasury official in the Ford Administration, I became convinced that the way toward a simpler, more transparent system was to base the tax on consumption. The plan we developed would replace the income tax on individuals and corporations. Everything that came into the individual household was taxed, and everything that went out in the form of savings was excluded from tax, with no tax on companies. Since then I have concluded that an indirect approach, with a tax on companies and a graduated tax on individuals, would be easier to implement. The key difference between income...
...BRADFORD: The thing that worries me is not the deficit per se. We have been doing badly in my mind for 25 years in transferring money to the elderly at the expense of future generations. That is my main cut on the present Administration's proposal...
...BRADFORD: But you are neglecting things like corporate tax sheltering going on now, at huge volumes. I think you actually probably would broaden the base. Anyway, I think it would be more progressive than the system we have...
...BRADFORD: Depends on which consumption tax. Under the X tax--a consumption tax with graduated tax brackets--capital gains at the individual level just aren't there. At the individual level, you pay a tax on your wages and salary. That is it. In a full-fledged individual-level cash-flow tax, which I wrote about in a Treasury study, you pay tax on the whole proceeds. You sell the stock, pay the tax on everything...