More on Dreier's FAST plan
A colleague asked for more detail on David Dreier's Fair And Simple Tax plan, mentioned in the earlier post. In simplest terms, it consists of three tax rates: 10 percent for the first $40,000 in income, 15 percent for $40,001-$150,000 in income, and 30 percent for anything above that. It would hang on to some long-standing tax advantages (mortgage interest, for instance), but would simplify the tax process to a single-page form. Dreier introduced his plan in January.