I’m already on record as a supporter, but if you want a growth-enhancing, stable approach to raising revenue, you’d be well-advised to read Michael Graetz’s excellent 100 Million Unnecessary Returns, in which he outlines his Competitive Tax Plan. The basic idea is to use a 10-15 percent VAT or, as Glenn Hubbard puts it, a BBCT (or broad-based consumption tax), to finance an inflation-indexed income tax exemption of roughly $100,000 for married couples and $50,000 for singles. Personal income and corporate income above that level would be taxed at a flat 25 percent rate. The system would be progressive, but it would improve incentives and it would offer a more stable source of revenue. It ain’t perfect, but it would represent a tremendous improvement over the status quo.