SET Tax

Tax Reform Center - The SET Tax

The 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.

The 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.

Below you will find links to better explain the Society's proposal.

• Full Version of the SET Tax Proposal (Adobe Acrobat required)

• Short Version of the SET Tax Proposal (Adobe Acrobat required)

• Set Tax Brochure (Adobe Acrobat required)

• FAQs About the Proposal (Adobe Acrobat required)

Articles on the SET Tax

• "Taxes Made Simple" by David A. Lifson (New York Sun, Jan. 25, 2008)

• The SET Tax: A Tax System for Our Future

• Junking the Tax Code Isn’t the Solution

• AICPA Releases Tax Reform Report

• Anticipating Bush’s Tax Panel Report

• Bush Tax Panel Opposes AMT

• Fixing the Income Tax: Transparency and Simplicity

• NYSSCPA Goes to Washington
  
  
• Society Releases Tax Reform Paper