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The New Independent Party Blog

This Blog is maintained by Mike Barron, Executive Director and Founder of the New Independent Party. The views expressed here are not necessarily those of the Party, its Board of Governors or its Members.

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"Come Back America" David Walker on Tax Policy

I am currently reading David Walker's book on the fiscal crisis. He was the former U.S. Comptroller (1998-2008). He has been touted as a possible third party candidate for President.

Walkers criticisms of the current personal and corporate tax system matches up closely with those laid out in the Party's Platform. His solutions, lower rates and fewer deductions and credits, are also similar to those proposed in the Platform.

He argues that more total revenue is necessary to deal with the current fiscal crisis, which is not at odds with the Platform.

Where he does depart in a significant way from the arguments and proposals in the New Independent Party's Platform is in his embrace of the consumption or value added tax as a vehicle for raising more revenues.

The Platform suggests using externality taxes as the vehicle for accomplishing closing the fiscal gap and opposes a consumption tax. He does not address this approach so there is no way of knowing how he would react to it.

As an aside, I think it is interesting that he wants geographical differences built into the tax code. This is not unlike his desire to make special arrangements for older manual workers in his Social Security proposal. From my point of view, public policy should take care of the broad issues and let individuals and markets adjust. In the case of the tax code, if some regions have higher costs and are therefore disadvantaged by some policy change then, overtime, people and markets will adjust to these differences. To do otherwise invites complexity, bureaucracy, and inter-regional lobbying.

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