Individuals and corporations under normal circumstances make investment decisions based on the demand for their products and on whether they can make a profit. (Taxes are irrelevant if you do not make any profit.) At the same time, government should refrain from picking winners and losers through its tax policies.
As a compassionate society, we will pay higher taxes if we are confident that the Federal government will not squander them. Americans donated $298 billion in 2011, have historically paid higher taxes, and will continue to do so if they believe that their tax dollars will be wisely spent.
- We shall transform the tax system so that it is fair and simple. Working and non-working incomes shall be taxed at an equal rate.
- We shall impose a progressive rate of three brackets: 3%, 10% and 20%, and eliminate all deductions.
- We shall require all laws that are enacted to apply to elected officials as they apply to average citizens.
- We shall impose a flat 20% tax rate on all corporations and LLCs on profits reported to the shareholders.
- We shall implement a VBT system where Federal tax rates are commensurate with the services provided.
- We shall impose an immediate war tax whenever we decide to wage any war to pay for it until its cessation.