It is possible that tax reform will be the next item on the change agenda. As I understand, there is a desire to move the nation from a income tax to a consumption based tax. The problem with consumption based taxes is that the consumption taxes eliminate the system of progressive tax rates.
I was just reading threads on a tax reform proposal called The FairTax which creates a national sales tax.
In preparation for the fray, I created a new section of y-intercept.com to discuss my proposal for tax reform.
I call my proposal the Object Oriented Tax.
Needless to say, the tax takes a fresh look at the challenge of taxation and comes up with an extremely clever system that focuses on the needs of the individual.
The OOT creates an abstract object that sits between a person's income and their consumption.
People will have two types of accounts. They will have a pre-tax and post-tax account. Imagine that your savings account is a pre-tax and your checking account is post-tax account. People will have their paycheck deposited into their savings account. They will be taxed when they transfer money from savings into checking.
It is an individual-centric sales tax.
I have a large number of pots on the burner at the moment. I opened a Disqus thread and will will develop the different ideas in a circular fashion.