America is broke but aspirin will not do, as major surgery is absolutely required. The entire tax system needs to be replaced and reinforced with a no-exemption 3% National Sales Tax (NST), divided equally between Budget, Deficit, and Automatic Universal MediCare for all legal residents, as repeal and replacement of ObamaCare. MediCare structure is already in place, and savings would go toward replacing cuts in medical provider reimbursements.
A 0.5% tax would be imposed on Wall Street type transactions, inhibiting High Frequency Trading (HFT) abuses that damage small investors and contribute to rapid creation and bursting of bubbles. Documentation for business activity tax-base numbers supporting NST was sourced from “The Hill” under signature of Attorney Lanny Davis, consultant, author, and TV commentator who served as special counsel to President Bill Clinton and spokesperson for President Bush and the White House on campaign-finance investigations and other legal issues.
Combined with NST, a 20% max graduated Income tax table for business and personal, elimination of all industry specific loopholes, with no exemptions or exceptions, with all income treated equally, including unearned income, investment income, so-called tax-free income, welfare and corporate benefits, with no tax exempt or special treatment for any individual or organization as regards NST.
Everyone benefits from needed government services, particularly defense and infrastructure, so everyone must contribute. Candidate Barack Obama told Joe the Plumber that he wanted to “share the wealth” but this Tax Plan seeks to “spread the burden.” With all pulling the load in the same direction, the load is lightened and easier to pull; real progress, fairness, satisfaction, and incentive for business and job growth.
Tithing in the Bible makes no exceptions for those with low income; everyone pays the same Ten Percent. Everyone is treated equally. NST applies equally to all income classes, rich and the poor who have the built-in safety nets to buoy them up. It equates to “The more that is spent, the more that must be equally paid,” a good idea that is thousands of years old but as good as new.
Note job-creating low Corporate & Personal Income tax rates in New Tax Plan"
Effective tax rate on Taxable Income of $100,000: 2.74%
Effective tax rate on Taxable Income of $1 Million: 7.47%
Effective tax rate on Taxable Income of $1 Billion: 19.88%
3 page tax plan or 6-page “Plan To Fix It All” available from [email protected]