Subject: My Tax Code Proposal Comment: I propose the following: 1. Flat Tax - everybody pays the same rate 2. I estimate the rate to be about 14% to 17% based on the tax base and revenue collection desired. 3. The first $50,000 of each tax-payers income is exempt. All income above that level is taxed at the same flat rate. 4. No Deductions. 5. All social incentives will still exist, but are transferred to outside the tax code. If you want to promote home ownership, send an application to HUD and have them issue a check for your incentive. If you want to promote education, send an application to the Education Department and have them issue a check for your incentive. If you want to promote charitible giving, send an application to Health & Human Services and have them issue a check for your incentive. 6. Adjust the tax rate and the income exemption level to be revenue neutral. |