Tax proposals need to promote the restoration of the middle class. All proposals oriented toward raising money for the operation of the government are punitive, if they cannot cause growth in one way or another. Wages have dropped as a result of globalization. Income inequality is a symptom, not a cause. Tax reform of any kind should address the cause. We need to attract business growth in the U.S..
Eliminate the corporate income tax - The system that we have today makes US companies uncompetitive on the worldwide stage. Companies spend way too much time figuring out how to minimize their taxes instead of delivering excellent products and services to their customers. So eliminate the corporate tax and let US businesses flourish. Besides, everyone knows that taxes paid by corporations are actually paid by customers so let's just be honest with ourselves and just eliminate it.
Abolish income taxes on all levels of government and substitute it with a national sales tax of 27%. abolish state and local sales tax as well. the federal government should distribute a portion of the sales tax to states on a per capita basis. food (anything that is made for human consumption) , primary homes and all medical items will be exempt. this will take away all income tax loopholes.
To advance home ownership we should allow first time home buyers to declare their rents on their taxes for up to 10 years and calculate the hypothetical savings they would have had if the rent were mortgage. The savings would accrue for up to 10 years and could be taken as a tax credit in the year a house is purchased. When selling the house the tax credit would have to be repaid
Each year, come income tax time, be given the opportunity to select one or more of the President's Cabinets to receive all or a proportion of our taxes for the next tax year. This would be true taxation with representation! Taxes going to different Cabinet departments would, like water, find its own level.
Apply income tax surcharge of 10% to all income. Revenues divided 50:50 to Iraq/Afghanistan war debt retirement and infrastructure investment. Maintain until all debt retired. Apply transaction taxes to following financial transactions, derivatives (esp naked CDSs), all securitizations of subprime MBSs, debt & rental income securitizations, and all HF/HS transactions. Revenues divided 50:50 for bailout debt retirement incldg stimulus spending & infrastructure investment.
Reduce corporate tax rates for corporations that the top salary is no more than 10 times the lowest salary, bonuses and profit sharing are are paid as an equal percentage to all employees, unequally paid bonuses and profit sharing are paid from retained earnings, acquisitions and merger costs are paid from retained earnings, political contributions and none employee entertainment are paid from retained earnings as are membership and other fees paid to business groups that are politically act
The basis for real property tax assessments shall be the purchase price of the property, indexed by inflation. While the state legislatures may raise property tax *rates*, unelected government officials may *not* reassess property in order to raise property tax revenue without raising property tax rates.
Tax revenue on a particular activity ought to first go to regulating that activity or reducing the cost of that activity to the public (unless the point of the tax is to reduce consumption, such as sin taxes on cigarettes and alcohol). If there are funds left over or if there are no good related uses for them, then the revenues could be put to use on unrelated "needs."
A new, more fair way to tax capital gains should be implemented. 1.) Any capital gains accrued within one year or less shall be taxed at the next higher tax bracket. 2.) Amy capital gain accrued within one to five years shall be taxed as ordinary income, at the current, applicable tax bracket. 3.) Any capital gain accrued after five years shall be multiplied by the minimum wage in effect when the investment was made, divided by the minimum wage, in effect when the gain was taken.