We can reduce marginal tax rates and increase tax revenues by repealing; subsidies; hidden taxes and restrictive government regulations thatare a drain on its citizens and businesses.We need to reform and simplify our 20,000 page tax code which is incomprehensible to our citizenry and re-establish individual incentive to work harder, be more productive, invest in businesses, invest in their own and their children's education and save for retirement.
LONG TERM PLAN:
Eliminate all deductions except for 10% deduction allowance for education or charity or combination of both.
Cut the middle-class rate from 25% to 15%. This will move brackets to 10% for income < $25,000, 15% for $25,001 to $250,000 ($100k Single person $250K for a married couple), 25% for Single person $100,001 to $200,000 and $250,001 to $500,000 for a married couple; and combine the 33% and 35% brackets and drop it down to 30% and bracket it at Single person > $200,001 and for a married couple earning > $500,001. Eliminate capital gains Tax for middle class. Those individuals formerly subject to the 25% income tax rate, now 15% under this plan, should no longer be required to pay taxes on capital gains. Keep the top rate for capital gains & dividends at 15%
Eliminate the Death Tax;The Gift Tax and the AMT.
These taxes represent less than 1% of federal tax revenue. The death tax is the cruelest of all taxes, often forcing American families to sell farms and businesses at the moment a family member dies. The estate tax should be eliminated for estates worth less than $50 million pre-charitable contributions. The gift tax is ludicrous and should be eliminated except where it is used in last year of life to avoid Estate Tax. People should be able to give their own after-tax money to their children, or anyone else they choose, without talking to anyone in the government and without paying taxes on the same money again.
Eliminate All "loopholes"; End Corporate Welfare and Cap Business Tax Rate at 25%
I agree with the President's National Commission on Fiscal Responsibility and Reform that suggested 1) we reduce the federal corporate income tax rate and simplify the tax code for all businesses no matter the size or structure to be more competitive with the rest of the world and keep and attract jobs here in America. I support dropping the top tax rate to 25% for all business income.2) I also agree with the Commission on the elimination of "loopholes" and support simplifying in the tax code by removing special carve-outs and credits. Thiscould increase tax revenues by an estimated $660 billion over next 5 fiscal years. 3) Eliminate the estimated $90 billion the federal government spends annually to benefit corporations with direct cash payments (subsidies for farmers), loans (solyndra) and research and marketing to support businesses preferred by politicians. The free market should be picking the winners and losers in business not the President or Congress.