Subject: A Floating flat tax. Comment: A simple solution to the fiscal mess in Washington Taxes shouldn’t be complicated. My solution is a “floating” flat tax. It’s simple. Each year, Congress and the Executive branch debate and set the budget. This budget would include a guaranteed retirement payment to all seniors who retire at 65. It would replace SS. Based on this budget a floating-flat-tax rate is determined. My calculations show it would be about 21% on all personal and corporate gross income. No exemptions. I would then add 1% to the tax rate each year to pay down the national debt until paid off. All seniors would get paid the same amount as they do each month from SS. If they elect to continue working after the age of 65 and not collect SS then they should be exempted from paying any personnel income tax. Of course, I realize simple ideas never go very far in Washington because politicians have to have something they can complicate and corrupt. However, when you think this simple plan through, it’s the only solution to the fiscal mess in Washington. Jim Kartes Maui, HI 808-661-5699 jim@mauionline.com |