Comment: Dear Sir:
The following comments/suggestions are in outline form. Should you need or
want more detailed suggestions, I will be glad to flesh them out.
1 The Alternate Minimum Tax should be indexed so that it doesn't bite
taxpayers earning less than $200,000.
2 The rule that allows corporations to deduct 'performance based
bonuses' over $1,000,000 is a joke. The corporate executives getting the
'performance bonuses' are the ones determining the criteria. If you believe
they don't define a performance goal that they know they can make, I have a
bridge in N.Y. I would like to sell you. Any thing paid to an executive
over $1,000,000 should not be deductible for the corporation.
3 Stock options, stock appreciation rights, etc. should all be
4 Social Security should be collected on all wages up to $1,000,000.
Social Security payments should be capped and computed on a maximum average
salary of $150,000 per year.
5 A luxury tax should be applied to big ticket items (cars, boats,
airplanes) costing over $50,000. This should apply to corporate purchases
unless it is a tool of the trade: e.g., an airplane for Delta Airlines.
6 The income tax rate should be progressive. However, gross incomes
below a certain figure should not be taxed, while adjusted gross incomes
below that figure should be taxed.
7 Sales taxes should be deductible up to a fixed dollar amount, say
$10,000. In the interest of simplicity there should be a standard
percentage deduction for sales taxes based on the gross income.
8 Retired people without wages should be allowed to contribute to a
Roth IRA. Also high income persons should be allowed to contribute to a
Roth IRA subject to contribution dollar limits.
Thank you for the opportunity to submit comments.