Fair & Simple Taxes
Taxes should be based only on one’s ability to pay taxes; therefore Income Tax should be the only taxation form.
(Income Taxation is more fair and equitable than other forms
of taxation such as Property Taxation and Sales Taxation.)
With adequate Income Tax revenue, all other forms of taxation at all levels of government should be abolished.
(Property Tax, Sales Tax, Inheritance Tax, Marriage-Penalty Tax,
Telecommunication Tax, the Tolls, and Fees for Vehicle Stickers,
Vehicle Title Transfers, and ID cards should also be abolished.)
There should be no distinctions between Individual Income (Labor) Tax, Corporate Income (Corporate Profit) Tax, and Capital Gains (Investment Profit) Tax- all should be counted as Income Tax.
(This would mean rich investors like Warren Buffet would be paying their fair
share into the tax pool.)
Loopholes, Exemptions, and Tax Shelters should be removed.
(This would ensure all parties are paying their fair share.)
Tax rates should be dramatically lowered on the low to middle-income earners, while being raised on the very top-income earners.
This Simple and Fair Tax system will save taxpayers, businesses, and auditors valuable time, energy, and money.
The vast majority of people and small business would be getting tax cuts, while the rich would be paying their fair share.
Payroll Tax (Both the Employee Pay-As-You-Earn Withholding Tax and the Employer's Fund-As-You-Pay Employee Tax) should be Abolished.
(A worker’s Income Tax should be collected On the Due Date- not months Before.)
(Under my proposed tax plan, any earner making $50,000 or less would not be
liable for income tax, and therefore would not need to worry about having
a Pay-As-You-Earn “Payroll” mechanism system to ensure having
sufficient funds to pay his/her/its income tax.)
(However, an employee or company, should have the right to elect a “Payroll”
mechanism option in which part of his/her/its earnings would be withheld
to ensure there are sufficient funds for payment of his/her/its income tax obligation
by the due date as a safety precaution.)
(If earners fail to pay the full amount of their income tax on the due date (because
they spent much of it without saving or replenishing it, or other reasons), then
the government should withhold part of their future earnings (in a “Payroll”
mechanism) until it is paid up in full with reasonable interest. That earner,
because he/she/it failed to pay their income tax on time, should be put on
a “Payroll” mechanism system to ensure he/she/it pays income taxes
on time for the future.)
(Employers will be able to hire more workers and/or pay their workers more
by not having this extra corresponding employee funding cost.)
(Income Tax without the Payroll Tax feature and mechanism will yield
an accurate, timely, simpler, and fairer income tax- that is less regressive.)
Income Tax should be based on this chart below:
0% tax rate on the $0 ………….… to $50thousand income bracket.
5% tax rate on the $50 thousand to $100thousand income bracket.
10% tax rate on the $100thousand to $200thousand income bracket.
20% tax rate on the $200thousand to $400thousand income bracket.
25% tax rate on the $400thousand to $600thousand income bracket.
30% tax rate on the $600thousand to $ 1million income bracket.
35% tax rate on the $ 1million ...... to $ 10million income bracket.
40% tax rate on the $ 10million ….. to $100million income bracket.
50% tax rate on the $100million+ ................................... income bracket.