Subject: Simplify Tax Code & Remove Loopholes Comment: The federal tax code has become impossibly complicated. It must be vastly simplified and there is no reason to wait. Much of the current complication is from loopholes. There should be NO PERSONAL DEDUCTION, NO CHILD TAX CREDITS, NO EXEMPTIONS, NO STANDARD DEDUCTIONS, NO CHARITABLE DEDUCTIONS. The corporate income tax brings in very little revenue because the rate is absurdly high and there are huge numbers of loopholes which distort every business decision. ELIMINATE THE CORPORATE INCOME TAX. Everyone should pay some tax, even the very poor. Some plans would have a basic deduction so the bottom 50% pay no tax. That is wrong. But the tax rate should start very low, maybe 1%, and gradually increase with no steps as income increases. This is very simple to do if all the loopholes are removed. Finally we should revise and keep an estate tax, apply tariffs to all countries, add a graduated luxury tax, and add a carbon tax to all carbon-based fuels including airline fuel. |