Subject: Federal Tax System Comment: Our Federal Income Tax System could be greatly simplified on the principles of progressive taxation with three slabs and eliminating all deductions but mortgage interest upto a max ceiling and the same for charitable donations. Likewise, all Corporations A / B /c should all pay a much smaller tax on gross receipts eliminating deductions altoghether. The estate /death duty should only kick in on estates with value exceeding $2 million indexed at a progressive income tax type of three slabs. There should be a low rate / restricted national Sales tax that goes into a separate Trust Fund with Current social security collected from employer and employee to pay for Pensions, Social Security, medicaid to offer free public health care for everybody who is a citizen of the land. Only those who contributing for ten years will be entitled to any benefits and coverage. The whole package should eliminate budget shortfalls / deficits plus all children's schooling in the entire country should be paid from Federal Funds via grants to counties throughout the Country to eliminate local property tax in every locality / county in the nation. |