It used to be that we taxed property - zapped farmers basically. And there were very rich people who didn't pay that much tax. So in 1913, they put in the income tax. It was incredibly popular. The tax we love to hate today.

I really like the idea of consumption tax, and most countries have a pretty serious consumption tax. It's called a value-added tax or a goods and services tax ... It's a sales tax. It doesn't tax labor, it doesn't tax savings or investment - it taxes consumption.

France, they're the world champion at soaking the rich on taxes. And at one point, they had what they called a hyper tax, 75 percent, and Gérard Depardieu and many others left the country.

We cut tax exemptions in 1986, it was the most admired tax reform in U.S. history. Congress and the president worked together then to eliminate scores of loopholes and exemptions and deductions; this made taxes much simpler, and allowed a major cut in tax rates.

The U.S. has the most complicated and difficult tax system in the world; we've made it hard to file and pay taxes.

The higher the rate, the more interest there is in avoiding the tax. Either you move or you shift your profits overseas, as American corporations have proven very good at doing.

If you get rid of all these giveaways and loopholes and deductions and credits, then you can sharply lower the rates.