SO - MAYBE I'M 'ALL WET'?
THE CONCEPT IS GOOD!
HOW? IS THE QUESTION!
WHAT PERCENTAGE WILL WORK?
My ‘FLAT TAX’ Plan
© - Tom Hyland - 4/15/12
First of All ... ALL IRS Regulations Would be Rescinded!
This Would put Most, if not ALL ‘Revenuers’ OUT of Work!
ALL ‘Tax Attorneys’ Would Go Back to ‘Chasing Ambulances’!
ALL ‘Tax Accountants’ Would be UNNECESSARY!
A New FLAT TAX of say, Only 5% Would be Enacted.
Five Percent of: ALL Earnings, ALL Capital Gains,
ALL Gross Sales, ALL Income of Every Sort ...
Would be Subject to Said Tax - ALL!
NO Deductions, NO Exemptions, NO Expenses,
NO ‘Oil Depletion Allowances’, NO ‘Loop-Holes’
NO Complicated Calculations, NO ‘Long Forms’, NO ‘Short Forms’,
NO Preparation Fees to CPA Firms - NUTTIN’ HONEY!
NO ‘Political Contributions’ Deductibles!
NO ‘Charitable Contributions’ Deductibles!
NO Mortgage Interest Deductibles!
NO Need for ANY Deductibles!
ALL Taxes Based on GROSS!
Pay-Roll Tax Deductions at ALL Companies -
Already in Place - Simply Change Percentage!
NO Additional Cost - NO Training.
Stock Market Sales - Every Transaction of Sale -
If Gain Occurs - Firm Immediately Calculates -
Gain, or Profit and Instantly Deducts 5% Tax -
Firm Transfers Tax Immediately to IRS.
NO Tax-Free Exemption Status -
i.e. ALL Universities, Hospitals, Charities -
Museums, Religious Institutions, Et Cetera -
Pay 5% Tax on ALL Donations & Income Received! ALL!
Part-Time Employee Earning only $200.00 Per Week -
P/R Tax Paid $10. Annual Earnings $10,400. Tax Paid $520.
Full-Time Employee Earning $50,000. Tax Paid $2,500.
Employee Earning $100,000. Tax Only $5,000.
Executive Earning $500,000 - Tax $25,000.
Executive Earning $1,000,000. - Tax $50,000.
Executive Perks/Bonuses at $2,000,000. - Tax $100,000.
University Receives $10,000,000. Contributions - Tax $500,000.
Investor Earns $1,000,000. Capital Gains - Tax $50,000.
Investor w/ $1,000,000,000. C.G. - Tax $50,000,000.
Investor w/ $10,000,000,000. C.G. - Tax $500,000,000.
Investor w/ $100,000,000,000. C.G. - Tax $5,000,000,000.
Note: There Are Several Individuals Who Currently And Repeatedly
Earn Capital Gains in HUNDREDS of BILLIONS!
NO LOOP-HOLES MAKES EVERYONE PAY - THEIR FAIR SHARE!
Probably Millions of TREES SAVED!
NO TAX FORMS FILED!
NO TAX ATTORNEY FEES PAID!
NO TAX ACCOUNTING FEES PAID!
Sufficient to Run Federal Government? Don’t Know!
Someone Wiser Than Me Needs To Run Computer Program -
If 5% of G.D.P. Isn’t Enough - Try 6% ...
Maybe 10% Is The ‘Magic Number’?
THE POINT IS - A FLAT TAX IS FAIR!
EVERYONE ‘ROWS THE BOAT’!
© - TKH.
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|Reviewed by Donna Chandler
|I can see you've put your calculator to work on this one. Sometimes the 'simple' way is the best way.
|Reviewed by Ed Matlack
|another rant amongst rants...you should be in congress...you could take up alot of their time running your mouth...the same thing they do already...;-)e|
|Reviewed by Patrick Granfors
|Not sure I'd tax universities, museums and charities since they exist to provide services that the government already subsidizes or parallels. patrick|
|Reviewed by Mr. Ed
|Proposed by many, for many years, and always rejected by 'our leaders.' And contrary to what so many now say, we do need government services, and they are costly, so it would probably need to be in the 10-15 percent range.
And personally, I'd love to only have to pay 15 percent in taxes, like most of our millionaires do today.
|Reviewed by John Martin
|Good plan, Tom. I'd only add one loop hole. It would be for professional politicians. That would be the loop hole in the noose we put their heads through when we catch them missapropriating and flat out stealing the tax revenues again.|