Daniels, Gov. Mitch Floats Sweeping Tax Reform: VAT plus Flat Income Tax, 10/14/10

Indiana Gov. Mitch Daniels, endorsed sweeping tax reform on the occasion of accepting the Hudson Institute’s Herman Kahn Award. Gov. Daniels selected a quote from Kahn’s 1982 book, “The Coming Boom”: “It would be most useful to redesign the tax system to discourage consumption and encourage savings and investment. One obvious possibility is a value added tax and flat income tax, with the only exception being a lower standard deduction.”

Gov. Daniels, who once headed the Hudson Institute, a conservative think tank, and served as Director of the OMB under President George W. Bush added: “That might suit our current situation pretty well. It also might fit Bill Simon’s line in the late ‘70s that the nation should have a tax system that looks like someone designed it on purpose.”

The above quote can be found in the video from 17:15 to 19:30.