Flat Tax or NO TAX?

I still have no comments on the APT tax as proposed by Wisconsin Professor of Economics Edgar L. Feige.

His proposal will replace income tax, corporate and personal, state income tax, fuel tax, capital gains tax, gift tax, estate tax, excise tax and sales tax. APT means Automated Payments/Transaction Tax.

The APT tax would impose a single tiny tax rate on each and every transaction in the economy. All deductions and exemptions would be eliminated. Since the volume of all transactions is estimated to be 100 times larger than the current tax base, the flat tax rate needed to raise the same amount of revenues is just a hundreth of the current average tax rate of roughly 30%. The APT tax would be 0.3% on each transaction.

Instead of going through all the details and examples, just go to their website at http://www.apttax.com/ and see for yourself. Denny Hastert, the former speaker of the house introduced it in a bill, but could not get very many co-sponsors. Probably most didn't understand it. Those that did were beaten down by the lobbyists.

What do you think?