“over the lifetime” is simply not true, money gets spent on untaxable investments and goods, tax shelters, over seas, as romney demonstrates, they spend the money where they can shed their expenses

and even if your empty were correct (it’s not), the “over time” leaves those assets for investment income that is not available to the people who have payed those taxes immediatly rather then “over time

plain, simple stealing from the labor class, that’s what a consumption tax accomplishes

Income taxes exemptions for investment motivate nothing in terms of economic growth and job growth. A VAT just moves the tax burden away from the rich.

Now if you put in a net worth (asset) tax along with the VAT, we can perhaps get to an agreement on “tax reform”.

I ran a tax department of a large international company – we could move “income” around. I could “buy” “expenses” to reduce taxes and “sell”/move investment and operational income into business forms that are not taxed, and then I can elect Ayn Rand folks that select Ayn Rand folks like Greenspan to run the Fed who in turn refuse to regulate – letting the rich and corporate do whatever. The brief enforcement of IRS Section 482 (deferred tax accounting) under Clinton kept jobs in the US (This I know because I spoke to those getting board input in many companies and know of the decisions to move jobs that were postponed).

I put little faith in tax reform. The 1986 Act simplified and removed “loopholes”, – but in 25 years we are back with even more and larger loopholes and 10,000 pages of law and regulations to read before you get to Court decisions.

Let’s have that steeply progressive – but under 65% top rate – income tax that treats wage and investment income the same, plus a net worth (asset) tax plus a VAT because exports demand a US VAT to even out trade – the VAT being the only consumption tax at the Federal level. Then treat corporations the same as people – with no deferred tax.

And the hardest thing to hide are your assets.

So why not a worldwide asset tax, with credits of course for the tax on assets you pay to other countries?

There are a few parts which will ring harsh to liberal ears, but really the most of it is completely fact based.

And the Grover Norquist smack-down is really quite enjoyable, besides factual and infuriating.