Subject: Re: Buffett’s view on current account deficits
Turkeys don't like voting for Thanksgiving, and many voters are hesitant to back a new tax. But consider: would you like to have no income tax?

The issue is that 40% of the population in the US already pays zero federal income tax; so you will be "raising taxes" on that very large group. Agree the current tax structure is a mess... but the pollical friction to fix it is extreme.

tecmo
...