Subject: Personal Tax Reform Comment: 1 - Eliminate all tax deductions except housing interest on primary homes up to 1 million dollars of mortgage. Increase $250,000. personal deduction holding time for capital gains tax deduction for sale of home from 2 years to 7 years 2 - Maintain charitable giving deduction. 3 - Allow tax deduction for 100% of medical expenses. Tax rates: No additional deductions. exempt first $45,000 of all income from $45,000 - $100,000 tax rate = 15% from $100,000 - $300,000. tax rate = 25% from $300,000-$1,000,000 tax rate = 30% from $1,000,000 + tax rate = 40%. If these numbers do not bring in enough revenue modify the rates but do no modify the income categories. Progressive tax rates are imperitive and need to provide for the least earners to have a substanitally lower rate than those at the higher earners. thank you very much. |