Wednesday, January 25, 2012

the tax code on a paper napkin:

     [starting at the top]
income over $1,000,000.00                                        14%

income between $900,000.00 & $1,000,000.00  13%

income between $800,000.00 & $900,000.00           12%

income between $700,000.00 & $800,000.00           11%

income between $600,000.00 & $700,000.00           10%

income between $500,000.00 & $600,000.00           9%

income between $400,000.00 & $500,000.00           8%

income between $300,000.00 & $400,000.00           7%

income between $200,000.00 & $300,000.00           6%

income between $100,000.00 & $200,000.00           5%

income between $50,000.00 & $100,000.00             4%

income between $25,000.00 &  $50,000.00        3%

income below $25,000.00                                  0%

Since corporations are people , the same tax structure applies to their earned profit, either National or international. Corporations and businesses will be allowed to depreciate plant and equipment at a soon to be determined rate. Corporations and businesses that conduct their operations solely nationally get to jump down one (1) tax bracket. There will be no other deductions, or exceptions.

Income tax levies and code revenue will be the only funding received by the Treasury. Any, and all, other sources of Federal revenue will be used to fund topic specific agencies. Capital gains, interest income, etc. will be treated as simple income.

Next: This new tax code forces the Federal Government to pull in its horns and reorganize to a slimmed down, streamlined operation. What the Federal Government has to do to live within these means:

1] produce a balanced budget, annually, by means of a   
standard accounting practice. all budgets and revenues will be Public record and available for view at any time by a citizen of the United States.

2] strip all departments down to their base function and staffing. ie. the Department of the Interior will join with
the Department of Agriculture, Interstate Commerce, National Energy, etc. combine existing departments to eliminate duplication and overlap.

3] There are very few things the Federal Government needs to do. Acting as an “overseer” of the big issues, making international treaties, defending the borders, maintaining a strong Armed Forces to deal with threats to our sovereignty., regulating the money supply supervision of public lands, National energy policy, etc.

4] States and Regions will assume those tasks that have
dwelled in Federal jurisdiction. there is no logical argument for the Federal Government doing things that the States and Regions do already.

* Let’s stop worrying about what Mittens Romney’s tax bracket is. If he’s happy with that, everyone else who earns less will pay less than the Great “Romny-escence”. You want economic stimulation? I’ve got your stimulation right here!

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