Issue Position: Tax Policy

Issue Position

Tax Policy

TAX POLICY

PERSONAL

A flat personal income tax rate of 10% to 15% on all income regardless of the source of income. Wages on labor, rental income, capital gaines, interest income, net profit from proprietorships, subchapter S corporations or any other source.

Eliminate Loopholes; Except primary residence mortgage loan interest, State and Local taxes, and Loss.

CORPORATE

Corporations really do not pay taxes. We must realize that the "TAXES" are really part of the COST of DOING BUSINESS or GOODS SOLD. This cost (taxes) is passed on to the people who buy the goods or services. This policy multiplies the selling price. Raw material suppliers, Processor, Transporter at each step, Wholesaler and Retailer add this cost (taxes) to the final consumer of the goods or service.

I support a corporate tax rate of 10% on profits to be gradually fazed out to Zero over six to ten years. With capital equipment used in production or transportation of goods deducted at 100% in year of purchase and excess carried forward.

NATIONAL SALES TAX

Our Nation is spending currently spending 1.5 Trillion dollars more than we have and the DEBT is approaching 20 Trillion dollars by 2012. The DEBT is more than our Gross National Product and will continue until we are BANKRUPT. Therefore if the private sector growth along with the reduction in government outlined and revision in entitlement programs are not enough to balance the budget and reduce the debt. I would support:

National Sales Tax of 2% to 3% on all consumer sales except food, clothing, housing, Products or service for production or transportation. Proceeds to be used to reduce The National Debt and fund a National Disaster Fund used for the event of hurricanes, tornados, floods, forest fires that occur each year. Tax temporally suspended when National Debt is zero and the National Disaster Fund reaches the averages of the last three years disasters. A 100% Senate vote required to change the tax rate.

Source