Subject: Tax Reform Comment: To simplify the tax code and maintain the progressive nature of the tax code, the number of taxation tiers need to be reduced to only three tiers. For example, 10% for the first $X, 20% for income between $X and $Y, and anything above $Y gets taxed at 30%. In addition, all credits and deductions, except for the mortgage interest deduction, need to be done away with. All income should be taxed in the same manner whether they are wages, interest, or dividend. |