Nobody likes taxes. Even the people who do taxes don’t like taxes.
I favor a complete overhaul of the tax code.
- Eliminate federal personal income tax under $50,000
- Eliminate federal corporate income tax under $5,000,000
- Eliminate inheritance taxes
- Eliminate dividend taxes
- Reduce the capital gains tax rate to 15%
These changes will reduce federal tax income by about 10%. In return, half of all individuals will not owe any income tax. Nine out of ten small businesses will not have to worry about federal tax liabilities. The changes to the other taxes will free money for investment and help grow the economy.
I will propose changes to the tax law on payments from the Federal government. This would apply to wages and benefit payments. It makes zero sense that we hand someone a dollar and immediately demand 25 cents back!
I will also propose a voluntary flat tax for individuals and corporations. This would remove all deductions, but allow payment of taxes at a flat rate of 15%. This would drastically simplify tax calculations for those who have no need for taking deductions. Filing a full return will remain as an option, but be subject to increased scrutiny.
These changes will allow us to reduce paperwork and streamline the IRS. This will let the agency focus on issues of fraudulent and criminal financial activity.