We need to reward and not punish the successful. In my plan: taxes will be drastically cut, but the cut will be done gradually and responsibly.
By proportion, my plan will bring in far less revenues compared to the peoples productivity. This plan will create much more productivity among the people creating a dynamic and robust "Super Economy".
In my world you will control your own purse strings . not the IRS.
1. Abolish all forms of recurring property tax. Recurring property tax prevents true ownership of your property. Property ownership is guaranteed by the U.S. Constitution. This helps the poor, Senior Citizens, and Businesses. Local governments that now tax property can transition to taxing property insurance premiums if necessary.
2. No personal Federal taxes after age 65 ..nope, nada, none!
3. No Personal Federal taxes for veterans serving at least six years ..nope, nada, none!
4. A Constitutionally mandated maximum 10% retail sales tax. The State will still determine what retail items get taxed just as they do now. Congress will determine the minimum necessities of life and exempt those items from the National sales tax as to not adversely affect the poor. States have the power to exempt any item sold in their state from taxation.
5. A 20% tax on all corporations' profits (not revenues) that may be reduced to zero if 10% of the corporations' profits are donated to State approve charities. This will effectively privatize our public welfare system.
6. Implement reciprocal trade tariff agreements will all foreign countries and foreign goods produced overseas (based upon the dollar value of the trade imbalance). This works like this: If their is a 500% trade imbalance (calculated by dollar value) with someone like China then their products get a 500% tariff placed on them. The closer to a trade equilibrium between the U.S. and a foreign trading partner the lower the tariff until imports equal exports and then there is no tariff.
These are all the taxes the Federal government would be allowed to impose on "We the People" by a new Constitutional Amendment mandate.