lagerhead wrote: ↑Thu Jul 29, 2021 1:54 pm
Fix the tax code to address the revenue first then when you find the money allocate to the infrastructure. increasing Tax rates and bands are not addressing the revenue problem anyone well off can still take advantage of every loophole to shelter income and investments.
Simple reform is:
First thing is all budgets federal state and local should be reduced across the board 10% a year for 5 years. Straight across the board reduction. All in charge will have to live with their 10% reduced line item. Get rid of waste, fat and corruption by closing the bank. Legislators will no longer have the pork and entitlements for their constituents as in past. Money will have to be doled out wisely as opposed to being given away now.
Budget line item of 100 would be reduced to: 90, 81, 72.9, 65.61 and 59.05
Second thing is tossing the current Internal Revenue Code. Simple tax structure with no benefits or credits except for as I mention:
Individuals tax rate:
Cut all preferential capital gains rates, disallow any deductions for ordinary or capital losses. No accelerated depreciation permitted just straight line. Eliminate all tax credits. No limitations on current itemized deductions and all interest paid is allowable deduction. Amounts paid for dependent education are allowable itemized deductions.
5% taxable income as is with from 1 to $100,000
10% $100,001 to $250,000 taxable income
15% $250,001 to $500,000 taxable income
17% $500,001 to 750,000 taxable income
18% $750,001 to $999,999 taxable income
19% 1,000,000 and greater taxable income
All other corporations and entities that are not pass through:
Tax on net income per books which is same as financial statements issued to public as adjusted for depreciation.
Allow a 5% Investment tax credit for new asset purchases and new employee hires salaries/wages to offset income tax!
Minimum tax of .0000001 of gross revenues $1,000 whichever is greater when losses occur, and eliminate all current tax credits and accelerated depreciation
10% on 1 - 500,000
15% on 500,001 to 10,000,000
19% on 10,000,001 and over
NOW EVERYONE PAYS!
We already have universal healthcare in Medicare and Medicaid. Allow open enrolment into Medicare for all ages with reasonable monthly rate and ability to offset income tax refund against following year’s premiums. Audit the payments to providers and make mandatory sentencing of 24 months with no probation for all convicted of fraud. For those who whistle blow and are party to fraud 6-month mandatory sentence of community service with no probation.
And lastly, we need integrity restored to public and private life.
As Teddy Roosevelt said in his 4th of July speech to celebrate Huntington, LI, NY’s 250 anniversary:
“Exactly. Now so it is in the ordinary workaday tasks of citizenship at the present day. If the man is not decent, in the first place, then he is not merely useless to the community but a menace to it. In time of war, if the man did not have in him the power of loyalty to the flag, loyalty to the nation, loyalty to his regiment, the more dangerous he was. He had to have that quality first of all.
In civil life we need decency, honesty and the spirit that makes the man a good husband, a good father, a good neighbor and a good man to work alongside of or to deal with. That makes a man, consequently, who does his duty by the State. The worst crime against this nation which can be committed by any man is the crime of dishonesty, whether in public life, or whether in private life, and we are not to be excused as a people if we ever condone such dishonesty, no matter what other qualities it may be associated with.”