well, here's your chance to discuss a new tax plan for America. now, I'm not saying this is the best tax proposal ever, it's a fair and reasonable approach to taxes. this has everybody with a stake in the system without an attempt to punish anyone else. it doesn't have a "rich tax" to unfairly attempt to re-distribute wealth. maybe it's too simple - but that's what discussions are all about.
for all citizens:
income is considered any compensations received from others. plain and simple. wages, stock options, payments by others for goods or services for you - all included.
all compensations are taxable in excess of $ 40,000 for individuals, $60,000 for families or individuals with dependents. individuals are subject to 10% tax stating from $0 to cover medicare and medicaid up till the limit based on current standards. after the excess deductible, all compensation will be taxed at 25% in excess of such applicable excess deductible. the EITC will be eliminated. there will be no deductions or exemptions for individuals.
all businesses get the $60,000 deductible. they may deduct the actual cost of labor and raw materials used in their business. they may also deduct all compensations paid to employees for benefits. they may not deduct the 10% matching contribution for social security and medicare. all income from business will also be taxed at 25% for income over the deductible.
so, there it is. it's not a tax plan - it's a proposal for discussion.