BECAUSE THE PRESENT U. S. FEDERAL INCOME TAX CODE IS SEVERAL THOUSAND PAGES LONG AND IT IS FILLED WITH TO MANY EXCEPTIONS, EXEMPTIONS AND DEDUCTIONS WE MUST REPEAL THE EXISTING ONE AND RELACE IT WITH ONE WHICH IF DONE CORRECTLY SHOULD BE TWO PAGES LONG.
WE WILL REMOVE ALL EXEMPTIONS, ALL EXCEPTIONS AND ALL DEDUCTIONS. CHURCHES AND CHARITIES WILL PAY REGULAR FEDERAL INCOME TAX RATES ON ALL MONIES THAT THEY DO NOT USE FOR CHARITABLE WORKS.
CORPORATIONS, INSTITUTIONS, COMPANIES AND FOR PROFIT ORGANIZATIONS SHALL HAVE A FLAT RATE TAX OF 10.0% WITH NO EXCEPTIONS, NO EXEMPTIONS AND NO DEDUCTIONS.
NEW PROPOSED FEDERAL INCOME TAX TIERS:
[1.0] ALL INCOME OVER $32,000.00 THOUSAND DOLLARS SHALL BE TAXED AT A RATE OF 5.0%
[2.0] ALL INC0ME OVER $60,000.00 THOUSAND DOLLARS SHALL BE TAXED AT A RATE OF 10.0%
[3.0] ALL INCOME OVER $120,000.00 THOUSAND DOLLARS SHALL BE TAXED AT A RATE OF 15.0%
[4.0] ALL INCOME OVER $250,000.00 THOUSAND DOLLARS SHALL BE TAXED AT A RATE OF 17.5%
[5.0] ALL INCOME OVER $500,000.00 THOUSAND DOLLARS SHALL BE TAXED AT A RATE OF 20.0%
[6.0] ALL INCOME OVER 750,000.00 SHALL BE TAXED AT A RATE OF 22.5%
[7.0] ALL INCOME OVER $1,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE OF 25.0%
[8.0] ALL INCOME OVER $25,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE OF 30.0%
[9.0] ALL INCOME OVER $50,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE OF 35.0.0%
[10.0] ALL INCOME OVER $100,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE OF 40.0%
[11.0] ALL INCOME OVER $250,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE OF 45.0%
[12.0] ALL INCOME OVER $500,000,000.00 MILLION DOLLARS SHALL BE TAXED AT A RATE 50.0%
[13.0] ALL INCOME OVER $750,000,000.00 MILLION DOLLARS TO $750,000,000.00 TAX RATE WOULD BE 55.00%
[14.0] ALL INCOME OVER $1,000,000,000.00 BILLION DOLLARS SHALL BE TAXED AT A RATE OF 57.50%
[15.0] ALL INCOME OVER $10,000,000,000.00 BILLION DOLLARS SHALL BE TAXED AT A RATE OF 60.00%
[16.0] ALL INCOME OVER $100,000,000,000.00 BILLION DOLLARS SHALL BE TAXED AT A RATE OF 62.50%
[17.0] ALL INCOME OVER $250,000,000,000.00 BILLION DOLLARS SHALL BE TAXED AT A RATE OF 65.00%
[18.0] ALL INCOME OVER $500,000,000,000.00 BILLION DOLLARS SHALL BE TAXED AT A RATE OF 67.5%
[19.0] ALL INCOME OVER $750,000,000,000.00 BILLION DOLLARS WILL BE TAXED AT A RATE OF 70.0%
THESE RATES NEED TO BE VERIFIED BY THE CONGRESSIONAL BUDGET OFFICE TO ENSURE THEY PRODUCE THE REVENUE NECESSARY TO OPERATE THE FEDERAL GOVERNMENT AND PAY OFF THE DEBT IN 10 YEARS.
EACH YEAR THAT A NEW BUDGET IS PASSED THE CBO WOULD HAVE TO PROVIDE THE INCREASE OR DECREASE IN THE FEDERAL INCOME TAX RATE BRACKETS TO ENSURE THAT THE NECESSARY REVENUE WAS GENERATED.
THE INCREASE FOR EACH BRACKET WOULD BE THE SAME PERCENTAGE OF INCREASE PER BRACKET, AND NOT THE SAME ADDITION OR PERCENTAGE OF INCREASE.
EXAMPLE: ASSUME WE NEED TO NEED AN INCREASE OF 5.0%. IF A TAX RATE WERE 10% THE NEW RATE WOULD BECOME 10.50%
I WOULD CREATE A FEDERAL FINANCIAL TRANSACTION TAX OF 1.0% ON THE SALE OF STOCKS, COMMODITIES, REAL ESTATE PROPERTY, AND HOUSING ETC. ON ANY FINANCIAL TRANSACTION THAT EXCEEDS $100,000.00.