Word: slemrod
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Dates: during 1995-1995
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...balloon-flying, motorcycle-riding, Elizabeth Taylor-escorting millionaire; he's the Flat Tax Man. At the Budweiser booth at a trade show in Manchester, New Hampshire, a fellow gripping a cold one shouted at Forbes, "Hey, I saw you on TV this morning with the flat tax!" Notes Joel Slemrod, a tax expert who teaches at the University of Michigan Business School: "One of the attractions of the flat tax to ordinary people is not that their own tax returns are so complicated, but that they suspect that other people are taking advantage of the complexities...
...principal reason, according to the University of Michigan's Slemrod, that Forbes' plan could ultimately weigh down the middle class is his intent not to permit companies to deduct interest or the cost of employee fringe benefits. "Somebody will bear the burden of these increased business taxes, probably in higher prices, maybe also in lower wages," says Slemrod. Without the ability to write off the cost of employee health insurance, companies might pay such benefits in the form of salary, which could conceivably increase a worker's tax bill...