Individual income taxes bring in about 46% of the Federal Budget, about 32% from payroll taxes, and about 13% from corporate taxes. Those three major sources make it almost 100% of all revenue.
We are in an era of international competition and major international corporations like GE are paying no tax at all. Let’s stop the charade. Simplify the tax system and put accountants and tax deductions out of business.
We need a fixed percentage of individual income taxes so that the rich will be paying more into the system because they will be earning more.
A 1% payroll tax so the government can keep track of worker income.
A 1% tax on all non polluting profit or non profit corporations to keep track of their income.
A national sales tax on information, goods, and services of about 10% which will replace payroll taxes and discourage consumption and pay for the increasing welfare burden and can gradually be increased when more humans wind up on welfare.
A 10% tax on polluting corporations to encourage them to become sustainable pollution free enterprises good for the environment. Non organic food industries will also be paying a 10% tax on income.
This way we will have an efficient tax system encouraging the formation of relatively pollution free corporations which provide jobs for humans who will then contribute in a major way with individual income taxes.
With a 1% payroll tax there will be enough money to pay for a slightly higher income tax percentage. Of course humans will be tempted to spend all the money right away and not have any left over for income taxes so a system can be devised to collect your estimated yearly income tax on a weekly, biweekly, or monthly basis.
Mortgage interest deductions subsidize the banking industry and they can charge more for loans, medical deductions subsidize humans with bad health and the medical industry so they can charge more for their services, and business deductions encourage profligate spending on travel, food, and other non essential inefficiencies.
Eliminate all tax deductions. We really don’t need any!!! Eliminate all tax loopholes. They are unjust and we really don’t need them!!!
More importantly we will once again become more internationally competitive and small businesses will begin to flourish who are usually more efficient than large corporations.
If you liked this evergreen truth blog then read more of them, about 1300 so far, or read one or more of my evergreen truth books, especially COMMON SENSE, rays of truth in a human world filled with myths and deceptions.
For a complete readily accessible list of blogs and titles go to twitter.com/uldissprogis.
If you enjoyed this blog then here is a list of my most popular ones which you may also enjoy!!!