Flat tax. Increased standard deduction combined with removal of mortgage interest deduction and various other deductions. Value Added Tax (VAT) on imports so essentially a federal sales tax.
The mortgage interest deduction never made any sense to me even though I benefit from it.
A national VAT would never fly in USA. That would consolidate too much power in the federal government.
I hate to give Trump any brownie points, but I do like the border adjustment tax. Theoretically it would encourage exports, discourage imports. But in the end things could end up a wash with a stronger dollar.
But it would force companies who sell in our market to pay taxes here. They can no longer shift profit overseas.
As the dollar gets stronger, it would be more expensive for foreigners to buy our assets. And I can buy condos abroad for retirement, haha… American retirees abroad would enjoy more purchasing power.
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