A simplified, more responsible tax system is required.
A country as great as ours should operate on a balanced budget if not on a surplus. Money can be made in lending. A surplus provides Us a solid foundation for our great nation.
Our federal tax system should be directly linked to our spending. When congress overspends our taxes go up. Instant accountability instead of the unethical spend now, next generation pays system we have now.
Our tax system does not need to be complicated. One solution we are exploring is a federal flat income tax combined with a state controlled sales tax.
On the federal flat tax: everyone pays the same rate. Write offs, loopholes and tax breaks are eliminated. The same flat rate is applied to personal, corporate and investment income alike. To avoid the poor paying taxes instead of buying food, we maintain a high minimum tax free income level for all, say $20K or more (subject to intelligent debate). Estates could have a minimum tax free transfer to the next generation of say 1 million dollars (stid). As corporations have recently been granted citizenship in our country, they pay the same rate.
Once the nation recovers from the current fiscal downturn, the tax would not only pay for current spending but also a percentage would be put toward paying down our national debt. Our generation drove the debt up, we are responsible for paying it down some.
Superfluous government programs (such as foreign occupations and subsidies for lame mega corporations) would be fazed out.
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