Tax simplification
There are nearly 300 million Americans and almost half pay little or no income taxes at the Federal level. Go to a hybrid graduated flat tax. For example if one earns less than 50k a year they pay a flat 10%,50,000.01-250k a flat 12%. 250k and above a flat 15%! No games, no deductions, everybody pays or suffers the consequences. Eliminate employee payroll taxes, capital gains taxes and the like and just use the ...more »
There are nearly 300 million Americans and almost half pay little or no income taxes at the Federal level.
Go to a hybrid graduated flat tax. For example if one earns less than 50k a year they pay a flat 10%,50,000.01-250k a flat 12%. 250k and above a flat 15%!
No games, no deductions, everybody pays or suffers the consequences. Eliminate employee payroll taxes, capital gains taxes and the like and just use the flat rate schedule. IT will streamline government, save taxpayers billions in fees they pay to companies like Jackson Hewitt, that more often than not take advantage of people who don't know any better and most of all it would increase government revenues so we can pay off the debt.
Allow companies a lower tax rate ONLY if they use the tax break to creat more jobs. The fallacy with trickle down economics is that when the wealthy get tax breaks, they don't necessarily use the windfall to reinvest and grow their businesses. Some reinvest in larger yachts and private jets, which may be great for those two industries but sucks for the rest of America. The companies that comply and use the tax break to grow and create new jobs get an additional 3% tax break. Those who don't pay the entire rate.
It will spur investment because if people actually know how much income they truly have then they feel more confident about their spending.
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