Subject: tax reform Comment: Eliminate the income tax system and replace with a consumption tax with variable rates by commodity. i.e food 0 tax yacht 50% (commodity rates to be determined by govt. agency to accomodate equity of wealth distribution). This system would be a pay as you go system. The tax would be paid when the commodity is purchased. To eliminate tax cheating and fraud all purchases would be made with consumer positive identification credit or debit cards. (positive I.D.would require all cards verify a match to the user such as finger print verification.)Now here is a big paradigim shift. Eliminate all cash money and require all transactions be made with consumer verifiable debit or credit cards. This would not only provide a revenue collection system but would eliminate cash crime such as drug sales robberies etc. Provisions for charities and other tax credit or loop hole allowances which may be desirable could be allowes through a rebate allowance to the individuals credit or debit card. It would also eliminate problems such as illegal entry into the U.S. as the illegal alian would have no means of conducting transactions. Legal entrants would be required to exchange their currency for a debit card which could be made a part of their entrance visa. |