I was a tax accountant for a number of years, and I want to give my opinion on the tax code. I believe that it is extremely unfair and unsustainable. The United States has over 30 TRILLION dollars in debt. That being said, I think there are a number of social programs that can be funded if we change the tax code. Presented below is a simplified tax code that is fair for all.
The entire code will be wiped away. All filing statues will be gone. Each individual must complete his or her own tax return. Anyone on active duty in the military will pay no taxes. Individuals will pay no taxes if their income is below $25,000. Those making more than $25,000 will be allowed to deduct $25,000 from their income and $25,000 per each dependent. The surplus will be taxed at a flat 30%.
Businesses with gross receipts of $250,000 or more will incur taxes of 2% of their gross receipts. Businesses with gross receipts between $250,001 and $500,000 will incur taxes of 3% of their gross receipts. Businesses with gross receipts between $500,001 and $1,000,000 will incur taxes of 4% of gross receipts. Businesses with gross receipts greater than $1,000,001 will incur taxes of 5% of gross receipts.
Businesses will be allowed to deduct employee wages and $25,000 and all other income will be considered profit. Profits of all businesses will be taxed at a flat rate of 35%.
Revenue from taxes will be used to pay for social programs including healthcare for all.
Comments