Business Leader Suggests 'Cashless Society'

[1] I have read with great interest that you are contemplating a major overhaul of the tax system in America. In 1992, I wrote an article for Arkansas Business, a copy of which is enclosed, in which I proposed a radically new tax system. I thought that perhaps your staff might be able to take the nucleus of this idea and build upon it in a new tax structure. Although I recognize the political difficulty in selling this idea due to the paranoia about privacy issues, I continue to feel that it offers the best solution to the problems of the current tax code.

[2] As you will see, this system captures the enormous revenue currently lost to the underground cash economy, gives us instant control over our borders to prevent illegal immigration, virtually shuts down the illegal drug trade, gives law enforcement extraordinary ability to locate fugitives and much more. Its simplicity and fairness (there are no exceptions or loopholes) helps it to overcome its primary negative -- the theoretical loss of privacy because there is technically a paper trail of all expenditures. Strong legal safeguards would have to be enacted to overcome this.

[3] Only in an environment of great national concern over our personal security would the nation consider such a change as I am suggesting. But I am convinced that, if it could ever be implemented, it would prove to be of great and lasting benefit to the government and to the lives of the large majority of our citizens.

[4] Good luck and best regards,