Broaden the Base and Lower the Rates: The United States tax code is filled with deductions and exclusions that shrink the basis of taxation. The smaller base in turn requires higher tax rates to raise the revenue needed to fund government.
Tax Consumption, Not Income: Much modern economic theory confirms that a consumption tax allows the economy to achieve the best allocation of resources over time, whereas an income tax needlessly discourages saving, investment and economic growth.
Tax Bads, Not Goods: In general, when you tax something, you get less of it. That means that taxes on hard work, saving and entrepreneurial risk-taking impede these fundamental engines of economic growth. The alternative is to tax those things that slow our economy or impair our ability to produce. Bads might include drinking, drugging, gambling, etc...
Simplicity: Complex systems are more likely to break down, often in ways the designer failed to anticipate. Tax systems are no exception. A simple tax that is perceived as fair is less likely to provoke tax-avoidance and misallocations of capital.
