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SHOULD YOU BE PAYING A TOTAL TAX RATE 3 TIMES HIGHER THAN MITT ROMNEY'S?
Federal income taxes account for only 30% of the taxes we pay. Add in Social Security, sales, and property taxes and consider untaxed investment gains (as I have at this website), and you'll see total tax rates for the very wealthy are much lower than those of the working-poor and middle-class.
Our current tax system favors the wealthy investor-class so much that even a 20% flat tax would make the tax system much more fair, providing that income below a reasonable poverty line - that is, income needed to keep food on the table - is taxed at a lower rate.
The Fair Share Tax Reform would cut working-poor and middle-class taxes by thousand each year, have the wealthy pay their fair share again, allow the economy to grow sustainably to everyone's benefit, and balance the budget.
THE FAIR SHARE TAX REFORM
20 - 2 - 1½
1. Federal Income Tax:
All income is taxed at a 20% rate except:
- Income under a realistic poverty line (eg $15,000 for a single person), which is taxed at 2% instead
- Income used to pay for large medical expenses (>10% of income) is tax-free
- Income placed into tax-free education-retirement savings account (with modest caps)
- No other adjustments, deductions, or exemptions
Effective rates: 10% on $60,000; 15% on $160,000; 19% on $1,000,000.
2. Federal Net-Worth Tax:
All net worth (accumulated wealth), except the first ~$800,000 is taxed at a progressive 1-2% rate.
This replaces property, capital gains, and estate taxes.
Effective rates: 0.2% on $1million; 1.2% on $5million; 1.8% in $10million
3. Federal War Tax: A 6% surcharge increases a federal taxes bill of $10,000 to $10,600 while the
nation is at war.
4. Eliminate all these taxes:
- Social Security Taxes - Programs funded from general revenue instead
- Estate Taxes & Capital Gain Taxes - Replaced by more efficient and fair Net-worth Tax
- State Income Taxes in their current form - Replaced by more efficient and fair surcharge - See #5
- Property (real estate) taxes - Replaced by more efficient and fair surcharge - See #5 - Sales taxes, tolls, etc. - Replaced by more efficient and fair surcharge - See #5
- Corporate Taxes - Profits distributed to corporate owners and taxed as income.
5. All states and local governments eliminate all their current taxes and instead set and collect
a surcharge on a household's combined Federal Income and Net-worth Tax.
6. Excise taxes on products that have a cost to society that is not reflected in their price
(e.g. cigarettes, gasoline - Totals only about 10% of all tax revenue.)
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| UNDER THIS FAIR SHARE TAX REFORM:
A FAMILY OF FOUR WITH AN INCOME OF $73,000 WOULD HAVE THEIR TOTAL TAX BILL (FEDERAL, STATE, AND LOCAL COMBINED) CUT FROM CURRENT RATE OF 39% TO A FAIR SHARE RATE OF 25% OF THEIR WAGES, SAVING THEM ABOUT $8000 EACH YEAR.
WARREN BUFFETT WOULD HAVE HIS TOTAL TAX BILL (FEDERAL,
STATE, AND LOCAL COMBINED, INCLUDING CORPORATE TAXES) INCREASE FROM HIS CURRENT RATE OF 11% TO A
FAIR SHARE RATE OF 40% OF HIS $8 BILLION INVESTMENT GAINS AND INCOME.
MITT ROMNEY'S FAIR SHARE RATE WOULD ALSO BE ABOUT THE SAME AS MINIMUM WAGE WORKERS PAY UNDER THE CURRENT SYSTEM - 37%.
ALMOST EVERYONE COULD COMPLETE THEIR ONE-PAGE TAX FORM IN UNDER AN HOUR, CONTENT IN THE KNOWLEDGE EVERYONE WAS PAYING THEIR FAIR SHARE.
IF WE FIXED OUR TAX SYSTEM, EVERYONE, INCLUDING THE WEALTHY, WOULD BE BETTER OFF. READ ON TO SEE HOW.
WHAT DO YOU WANT?
I want to read a little more ... see Home Two
I want to know how unfair our current tax system is ... Four Taxpayers I want the read a one-page summary ... Website Summary
I want to know would this plan change out country ... Imagine & What if?
I want to help make a fair tax system like this a reality ... Spread the Word
I want to see your response to my concerns about the plan ... Concerns
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