2014 could be the year that Georgia's House and Senate vote to either decrease or eliminate the state's income tax. Both have convened study groups to examine specific plans to lower personal income tax rates during the 2013 session. Economics Professor Christine Ries explains why less is more.
Taxation is, or should be, about raising tax revenue for government services. Before 1842, all countries used only consumption or sales taxes to collect tax revenue. By 1939, beginning with the United Kingdom and ending with Switzerland, countries in western Europe, North America, Asia and the Pacific added income taxes to a previously consumption tax regime.