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1) Get rid of all our poverty programs, except those aimed at the disabled, and temporary unemployment assistance, and institute the negative income tax. That is to say, the system should be continuously progressive, from a steep negative rate of up to 100% on very low earners, gradually declining until it zeroes out around $28,000 a year, and then rising gradually until it maxes out around 35% on the top brackets.
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This actually sounds interesting. I'd like to see a broader detailed plan of this idea.
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2) Eliminate FICA and pay for Social Security and Medicare out of general revenue. It's time to stop pretending it's a pension system, when there are no assets in the "trust fund"
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the more covers to pull off, the better.
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3) Eliminate the corporate income tax
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corporations don't pay income tax. This is the simple concept. Anyone with any business sense should know that any increased costs or negative impacts on corporate income WILL without a doubt be handed on to the consumer. So corporations don't pay income tax, it only results in a higher priced product for the consumer.
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4) Eliminate the special treatment for capital gains. All income should be taxed at the same level, regardless of its source.
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wholeheartedly agree with this. stop penalizing success by higher taxes. It only serves to make politicians richer by lobbyist money to create tax shelters.
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5) Eliminate all deductions. Period, end of statement. No mortgage, student, child, etc. All causes are equally worthy in the eyes of the person who possesses the deduction; it is a waste of our time as a nation to sit around arguing about who deserves what.
6) Just say no to the Value Added Tax. In theory, it's a good tax. In practice, because it is extremely hard to tell what proportion of the price of anything represents the tax, it removes the good and natural pressure upon tax rates.
7) Get rid of the estate tax, and tax the capital gains on whatever is sold
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these sound good. I also have to agree with dc_dux on the spending reductions. tax code changes mean nothing without changing the amount our government lavishly spends.