It is no secret that americans are immensely overtaxed. Everywhere you look you hear a congressman or senator or activist come out with a new tax plan, from 9-9-9 to flat tax or fair tax. Few of these have the logic or facts behind them that are necessary to make a successful or meaningful change to the economy and help the american people. Here is my take:
- Temporarily institute a 14% flat income tax, and phase out by 2% every year while raising the national retail sales tax 1% every year to get to a 7% national retail sales tax.
- Cut the corporate tax rate down to 8.5%, and reduce by 0.5% each year for 7 years to reach a 5% retail sales tax.
- Couple these tax cuts with the abolition of the HUD, Department of Energy, Commerce, Interior, and the federal department of Education. Allow states power over welfare programs, and require them to fund 50% of all welfare dollars being spent in their states. Abolish the Federal Reserve and restore that power to the Department of the Treasury. Abolish Obamacare, Dodd-Frank, and Sarbanes-Oxley. Also abolish the Death Tax and Personal Savings tax.