The University of Texas at Austin

Business & Economy - Accounting  RSS

  • Taxing Spending: The Case For a National Consumption Tax

    Taxing Spending: The Case For a National Consumption Tax

    By Steve Brooks for Texas Enterprise, McCombs School of Business
    http://www.texasenterprise.utexas.edu
    Published: June 25, 2012

    If Rodney Dangerfield were a tax form, he’d be a 1040: As the federal income tax nears its 100th birthday, next year, it’s getting no respect. Presidential candidates have one-upped one another with plans to replace it — from Herman Cain’s 9-9-9 to Rick Perry’s file-on-a-postcard. Although most of these tax plans have sunk as quickly as they’ve …

    Read this story

    • Quote 2
      Jim Reese said on June 30, 2012 at 6:43 p.m.
      The value added tax (VAT) is just another hidden tax. In other words, it is hidden in the price of the item bought. The Fair Tax already has been introduced in the House (H.R.#25) and the Senate (S.#13). It has about 80 co-sponsors....and it eliminates the threat of having both the income tax and the sales tax. The legislation requires the repeal of the 16th amendment which authorizes the income tax. It is unfortunate that your article did not address the fair tax issue...fairly. Surely jobs could come flooding back into this country if we had no income tax...the recession would be a memory.
    • Quote 2
      Morris Woods said on June 28, 2012 at 11:50 a.m.
      I am rather disappointed that the cost of collection was not addressed. I too wish you would have discussed the fairtax. While implementation would be difficult and complex, the results would be superior judged by the cost of collection. The IRS which is neither efficient nor effective could be eliminated. The only advantage to the Vat tax is that by conforming to what our trading partners use could be easier to not be discriminated against, but having the largest consumer market in the world could be achieved by leadership.
  • Accounting Features

    Making the human connection in business
    Making the human connection in business
    Eric Hirst is associate dean for graduate programs and John Arch White Professor...
    Post a comment Comments (4)
    Accounting takes home NCAA championship
    Accounting takes home NCAA championship
    This article originally appeared in the McCombs Today blog. Light the Tower orange...
    Comments Off No Comments
    Students provide free tax services
    Students provide free tax services
    Video produced by Christopher Palmer, 2009 Every year at the McCombs School of...
    Comments Off No Comments
    Accounting professor to work for SEC
    Accounting professor to work for SEC
    John Robinson will spend a year in Washington, D.C. with SEC
    Comments Off No Comments
    Accounting faculty contribute op-ed piece to The New York Times
    Accounting faculty contribute op-ed piece to The New York Times
    Timothy Geithner, the Treasury secretary, has pledged that the second bank bailout...
    Comments Off No Comments
    In the Know
    In the Know
    Campus Kudos University becomes partner in $25 million evolution study The university...
    Comments Off No Comments
    Real world economics
    Real world economics
    Economist shares passion for money matters.
    Comments Off No Comments
    Alternative minimum tax
    Alternative minimum tax
    Professor explains how the alternative minimum tax affects a growing number...
    Comments Off No Comments
    Accounting prof in Wall Street Journal
    Accounting prof in Wall Street Journal
    Stephen T. Limberg talks about why "Accountants Can Count on Jobs."
    Comments Off No Comments