S. Douglas Hopkins (author); A CITIZEN'S 2% SOLUTION; A Citizen's Press, A Citizen's Press (Business & Economics) $19.95 ISBN: 9780982832806
Byline: Karl Helicher
The American tax system is self-destructing and the progressive structure it claims to be is really a regressive scheme for sheltering the assets of the rich while overburdening middle-class payers, claims the author in this convincing call for a major tax overhaul. Hopkins has been a consultant for financially troubled companies for more than twenty-five years and is co-author of Creating Solutions for Troubled Businesses.
A devil's bargain between politicians who need donations to hold their offices and special interest groups all too willing to fund whoever will ensure that they remain special has resulted in a tax system riddled with loopholes. Even Warren Buffet, to his credit, acknowledges the unfairness of a system that, in 2006, required him to pay a tax rate of 17.7% of his $46 million income, while the average rate his staff paid was 32.9%. Indeed, as the author shows, in fiscal year 2007, 2,606 citizens with an average income of $2.1 million paid no income tax at all. The greatest federal tax burden of 40.3% is enforced on tax- payers earning between $33, 950 and $106,800. Those earning more than $373,000 pay 37.9%.
Certainly, Hopkins makes a compelling case for tax restructure. He offers a slimmed-down...