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Flat tax Ceiling

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Flat Tax Ceiling

We all agree that the current tax structure is not right, but there are major disagreements as to how it should be changed. The changes are a mixture of:

  1. Collect More or Less tax
  2. Make the tax More or Less Prograssive
  3. Add or Remove special considerations to perform "social" engineering
  4. Make the tax simpler (No one I think proposes to make it mor complex)

My proposal is to have a Ceiling on the tax, say 30% of the total income. What ever else is done, the payer would be able to pay a Ceiling tax of 30% of their income, where income includes ALL Payrol, Interest, Capital Gains, Employeer benefits... The rate, currently set at 30% would be adjusted so that it would allow, say 10% of all tax payers to benefit, or reduce the tax revenue by a total of say 10%. Note: This would also include the payroll taxes so that it would, I think

Some factors that I would like also to see would be:

  1. Eliminate Corporate taxes TOTALLY while increasing the individual rates by 1%, putting in an other level at 40%, or some other way to make this relative revenue neutral and prograssivity neutral.
  2. Eliminate the Death/Inheritance taxes TOTALLY while requireing that all capital gains be re-valued every 5 years. This would mean that the capital ganes would be paid gradulally and not at death.

 

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March 14, 2004 18:30

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