bahmer

Then 5% should suffice for the federal government. We wouldn't be in this mess today if it weren't the fact that they started the automatic deductions back in the early 1900's. If people had to write a check at the end of every year to the federal government this spending would have come to a screeching halt long ago.The fact that people foolish think that they are getting a refund shows how well their scheme worked. People don't look at what they payed in only what they think they are getting back and they are satisfied. This is called the dumbing down of America.

Albert Maslar Loc: Absecon, NJ

3-Page National Sales Tax:-1% Universal Medicare, 1% Deficit, 1% Debt, 20% Max Business & Personal Tax
33. Mandate annual tax filing for all citizens, legal or not, income earned or not, to be used as basis for public assistance, annual census, and as basis for a Medicare version of Universal HealthCare, funded as a by-product of the National Sales Tax (#36). Graduated Income Tax tables (#49) should be identical for corporate, partnership, individual filing; charitable and non-profits. Eliminate all tax loopholes and subsidies.

34. On 1040 charge $1 for each person listed to create annual census count. Total dollars charged equal total legal population that can be further refined by city, state, zip, etc.

35. Make employee paid health premiums deductible from taxable income in addition to STANDARD DEDUCTION; on parity with non-taxable employer paid health insurance.

36. Institute a 3% National Sales Tax (NST) with NO exceptions for resale, charity, non-profits, religious, education, or government. The many cannot be continually supported by the diminishing few. A 3% NST may raise up to $7 Trillion annually, double the current budget, reduce national debt, spread tax burden to all residents, legal or not. Allocation: the 1st 1% toward Budget, the 2nd 1% toward debt reduction, the 3rd 1% for Universal Medicare (UMC identical to Medicare plus monthly) for all legal residents.

37. Dedicate first 1% NST to Universal Medicare to automatically eliminate most State Medicaid benefit requirements, costs, and overhead. State Medicaid mandated costs are virtually eliminated, reducing State budget shortfalls and tax requirements.

38. According to a 7/6/10 analysis by attorney Lanny Davis published in The Hill, there were $755 Trillion in total transactions in the U.S. in 2008; $443 Trillion if exempting stock transactions. Accordingly NST on stock market transactions should be set at 1/2 of 1%, beating the International movement toward the inevitability of this type of tax. This 1/2% stock market transaction tax will inhibit the negative and controversial effects of High Frequency Trading (HFT) that causes artificial volatility as traders execute trades in milliseconds capitalizing on penny spreads and transaction speeds in the blink of an eye, not available to ordinary investors. HFT operates in a betting parlor atmosphere that is more gambling than investing, and may eventually be the vehicle to collapse the market as it already has on one fateful day when HFT was a contributing factor in the flash crash of May 6, 2010. Reuters reported that a computer-driven sale worth $4.1 billion by money manager Waddell & Reed Financial Inc. triggered the May flash crash that set off liquidity shocks that created havoc, instantly wiping out substantial stock market values before anyone knew what happened and why. A report exposed the relationship between E-Mini Standard & Poor's 500 futures and S&P 500 “SPDR” exchange-traded funds detailing how HFT algorithmic trading saps liquidity and rocks the marketplace.
Memo: US receives $200 Billion monthly revenue; $2.4 Trillion annually; spends about $320 billion monthly, $3.84 Trillion annually, creating $1.4 Trillion annual deficit.

39. There should be no exemption for sales of any product or service whether for Resale, Church, Government, Education, Private or Public organizations; Imports, Cash, or assets transferred out of the country, including corporate transfers to foreign subsidiaries; Tax On-Line sales and sellers, EBay, Private sellers, Barter, PayPal and Credit Card Companies. Payment Clearing Banks would be depositories for NST, similar to deposits of payroll taxes while Government 3% tax payments are to be used for that particular government debt reduction.

41. An estimated 48%+ of citizens pay no Income Tax while 24%+ do not pay Payroll Tax. This jeopardizes a Balanced Budget as too large a number of households owe nothing in federal taxes, casting an ever increasing burden on the diminishing number of actual tax payers, a situation that is not sustainable. The 3% National Sales Tax will level the playing field by spreading the burden to all and give new life to the Bible story of the “Widow’s Mite,” who gave her last two coins, and biblical tithing that is the same for all, large or small, rich or poor.

42. Money and benefits received for NOT working should not be tax-free or treated differently than the same amount of wages and benefits received by actual workers. There are documented cases of welfare recipients benefiting unfairly by having benefits equal to an actual worker’s wages but employees must pay taxes and benefits out of their wages and the equivalent “Earnings” to a welfare recipient are free of any of those charges.

43. A welfare recipient receiving $30,000 in “BENEFITS” receives substantially more than a taxpayer earning $30,000 because taxpayers pay Federal, State and Local taxes, and work-related expense while Welfare recipients get a free ride without related costs of working. Housing grants, food stamps, medical benefits, and other benefits must be paid for by the taxpayer worker who is “penalized” for working.

47. Taxable Income Schedule For Individuals & Corporations After deducting personal exemptions $5,000 each, plus basic Standard Deduction of $10,000 plus cost of medical insurance paid, plus additional 5% on Income over $100,000; in lieu of itemization. Treat all income alike; Remove all income distinctions; earned; unearned; capital gains, etc and remove ALL loopholes, personal and business.

50. Corporate tax rates should be identical to the above modified Personal Taxable Income Schedule except for personal exemptions, personal itemized deductions, and standard deductions. All industry specific deductions should be eliminated.

51. Dividends paid would be deductible;
52. Disallowance for funding or contributions to Foundations;
53. Full deduction of fixed assets in lieu of depreciation;
54. Disallow deduction for non-cash amortization;
55. Disallow deduction of political contributions and cost of lobbying;
56. Disallow deduction for foreign payments and expenses;
57. Subject Gross Contractor Pay and Cash Payrolls to 3% NST
58. Tax foreign earnings for companies listed on U.S stock exchange;
59. Eliminate tobacco and industry specific subsidies & deductions;
61. Eliminate all loopholes and industry specific deductions.

48. 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%

Albert Maslar CPA (Retired) Request 3-Page Tax Plan from albertmaslar2@gmail.com

Sherlock

Should we abolish the IRS before the UN takes over the United States or after
Michelle Bachmann is elected President.

We could replace the IRS with the "honor system"- that works well on Wall St and in D.C.

Is everyone staring at their asshole?

Tasine Loc: Southwest US

~~~~~~~~~~~~~~~~
I suspect you are the only one who is.

Albert Maslar Loc: Absecon, NJ

Play nice kiddies or you will have to go to bed without your iPad.

bahmer

That would be better than having to put up with Sherlock.

Comment Loc: California

Tasine: I think you are right. All state have revenue collection departments. They could merely forward revenues to the Federal Treasury, the IRS. However, the IRS would have limited powers and it would be reduced to a pittance of its multibillion dollar size now. The states would have collection powers for the IRS. In this way the the president would have no power via the IRS. curtailing some of his enormous powers. Abuse of power is a problem with presidents from either party. It's time to withdraw the executive powers that they have usurped and we need to ride congress until it happens.

CrazyHorse Loc: Kansas

Quid Pro Quo, Billhuggins: "It's time to withdraw the executive powers that they have usurped and we need to ride congress until it happens." The problem with OIllegal is that he has thumbed his nose at the Constitution and usurped to him self unconstitutional powers the office of the president did not have. He is a traitor to our country and ought to be Impeached and removed from office. Just sayin my opinion.

andrew998 Loc: NYC

Everybody likes the flat tax but there are two big problems the Republicans have to overcome:

1. Many of the wealthy will have to pay a higher tax which is why Gingrich 15% plan allows some to file under the old system.

2. Corporations can't pay a flat tax because if they lose their deduction for heath benefits, they won't offer it to the employees any more.

Think carefully.

saved

NO I TRY TO NOT TAKE THINGS OUT OF CONTEXT 3/6 TO THE END

Tasine Loc: Southwest US

~~~~~~~~~~~~~~
It could be the solution to so many of our problems.
:D

Augustus Greatorex Loc: NE

Which is why you want to start at 3:6 rather than just reading all 4 chapters. Because 3:6 to the end is "in context." You have no context. Your god demands everything you are, and you babble about a tithe of your increase. You talk of how your god demands less of you than your government, which is not true.

Comment Loc: California

You sayin is very god!

Comment Loc: California

Golike!

Godlike!

Comment Loc: California

Don't you think that smart people could address these issues for the benefit of the nation and resolve them? I do, but just askin.