Charles Norwood: “today being tax day, everybody has at least a copy of their returns in their hand. Perhaps they still have their…”

“today being tax day, everybody has at least a copy of their returns in their hand. Perhaps they still have their returns. But today might be a good day to look at what happened in last year's tax bill and compare it to what might happen under our consumption tax bill. I mean, would you not take your income, and then from that income you would deduct any state or local taxes that you paid, you would be able to deduct from that income the amount up to the poverty level because that is exempt, I think it is $15 or $16 thousand, any money that you might set aside out of that income for savings that would be deducted; and you simply multiply 15 percent times what is left. And I think it would be a neat exercise for every American in this country today to look at their tax bill today and see what the difference would mean to them and their families if we were doing a consumption tax in this country as opposed to income tax. Did I leave anything out?”