Originally Posted by
LumberJack
Agreed. Close all loop holes and tax capitol gains like normal income.
You wouldn't even need to file taxes. W2's and 1099s are already sent to the IRS anyway. They know how much and by what means you make your money. That's why failing to report income is the #1 way to get flagged for audit.
You would miss the vast underground of cash unreported income. A VAT tax and elimination of the income tax fixes that.