Reform Center - The SET Tax
Simple Exact Transparent (SET) Tax is a greatly simplified approach
to income tax reform developed by the New York State Society of
Certified Public Accountants. SET is a transparent way to see the
impact of social and tax policy decisions made by Congress. SET
allows taxpayers to see what taxes they owe, why they owe tax, where
their money is going and how deductions directly benefit them. With
the SET Tax, taxpayers’ burden would be reduced. The calculation
of taxes would be simpler – a one page tax form - and more
accurate. SET is pro-growth, and stimulates the economy by encouraging
savings. Compliance would be improved and the government would generate
the revenue it needs to operate.
SET Tax begins with a single tax rate. It is straightforward. It
starts with all gross income, the broadest income tax base possible
and easiest to teach and understand. Existing rules are used to
distinguish between income and loans, gifts, inheritances, support
and so on. The SET Tax translates all the provisions of the Internal
Revenue Code into a simple, single formula: Income – Congressionally
defined subtractions (deductions) x Rate = Tax.
you will find links to better explain the Society's proposal.
on the SET Tax