Posted by
Rich from Paso on Thursday, March 08, 2007 4:28:28 PM
The current tax policy is inefficient and counter-productive. It has created an entitlement mentality for those who don't pay taxes or who buy things solely because of the "tax breaks" they receive. Those who are part of the top 5% that pay half of all taxes feel they are entitled to influence our elections in their favor. And why not? When you foot the bill don't you want a say on where things are going? Plus the corporate tax code is foolish in it's complexity and inefficiency.
Here's how I say we fix the tax code.
1) Repeal the entire tax code and end all taxes on the individual. That includes the capital gains tax (where stiffles capital flow), cigarette and alcohol tax (which taxes the poor more than anyone), the inheitence tax (a bone thrown to the investment planning lobby) , the gasoline tax (another added cost paid twice by consumers), and all others.
2) Replace the current tax code with a 10% flat tax on all income after the first $5,000 and a 10% national sales tax on all purchases except food with no deductions. This taxation method will take away the psychological restrictions on people moving their money.
3) Replace the corporate tax code with a 20% flat tax on revenues above $250,000.
4) Allow corporations to deduct 50% of their tax bill in the following five areas (10% in each area):
a) Education programs, student scholarships and school sponsorships
b) Enviromental stewardship programs
c) Medical benefits programs for employees
d) Capital improvements
e) Research and development in these areas: national bullet rail system, alternative fuels or cures for cancer, alzheimer's, AIDS or whatever. This list is subject to change as priorities change.