Fundamental Restructuring of the Tax Code
Michele Bachmann, John Huntsman and Sarah Palin are all saying how they'd help businesses create new jobs by lowering or eliminating corporate taxes, which would shift more of the federal revenue burden on the individuals. They all mention a fundamental restructuring of the tax code. I agree.
But how is shifting the responsibility for generating government revenue to the individuals good for the American people?
I'm running for president and I have my own plan. It comes in two easy steps.
Individual income tax came about within the last century and it's resulted in a power and wealth shift toward big business and an explosive growth of government.
The fact is, the earners in this country that have the biggest need and the most to gain from lowering the federal overhead, but are the ones with the least power to influence a change, which creates a fundamental (some say fatal) flaw in the system.
Money flows in a circular fashion, from manufacturers to individuals to retailers and back to manufacturers. Government taps its revenue from various spigots to varying degrees. But because of special interests and corporate lobbies, the demand for more federal revenue is exploding because more of the money flows back to them from the tax coffers (through subsidies, loophole exemptions & reductions and bailouts). So the only way to reduce the governments appetite for money is to give big business incentive to encourage a more efficient government. And they will under my plan.
Step 1. End individual taxes.
Since all government tax money is coming from the same stream, we're simply proposing that the corporate spigots be the only ones turned on...essentially pushing the taps upstream.
Initially business will shoulder a larger tax burden because government is top heavy. But as the heat is felt in Washington, new policies will be proposed that will shrink the size and scope of government and thereby lowering the overall tax burden on society.
But how is shifting the responsibility for generating government revenue to the individuals good for the American people?
I'm running for president and I have my own plan. It comes in two easy steps.
Individual income tax came about within the last century and it's resulted in a power and wealth shift toward big business and an explosive growth of government.
The fact is, the earners in this country that have the biggest need and the most to gain from lowering the federal overhead, but are the ones with the least power to influence a change, which creates a fundamental (some say fatal) flaw in the system.
Money flows in a circular fashion, from manufacturers to individuals to retailers and back to manufacturers. Government taps its revenue from various spigots to varying degrees. But because of special interests and corporate lobbies, the demand for more federal revenue is exploding because more of the money flows back to them from the tax coffers (through subsidies, loophole exemptions & reductions and bailouts). So the only way to reduce the governments appetite for money is to give big business incentive to encourage a more efficient government. And they will under my plan.
Step 1. End individual taxes.
Since all government tax money is coming from the same stream, we're simply proposing that the corporate spigots be the only ones turned on...essentially pushing the taps upstream.
Initially business will shoulder a larger tax burden because government is top heavy. But as the heat is felt in Washington, new policies will be proposed that will shrink the size and scope of government and thereby lowering the overall tax burden on society.
- End all taxes levied on individuals (not including capital gains from investments like stock, bonds, commodities, etc.)
- End all corporate taxes on foreign business.
- Uniformly tax all revenues derived from the US market without regard for the country of companies' headquarters.
- Fairly assess a sustainable road use tax on all commercial vehicles based on objective road wear studies.
- Insist on local community ownership of businesses where ever possible. This should not affect manufacturing, distribution, communications network backbone providers and the like.
- End federal drug laws.
- Criminally punish business owners for hiring illegal aliens and deceptive pricing and advertising practices.
Taxes include all money any government agency assesses on individuals, their purchases and property, including fuel, property & sales taxes, licensing & registration fees, telecommunications fees, etc.
Step 2. Restore backed currency.
