A New Tax System For America??

I came across this on another Racine Blogger's site.

Interesting information on a system for taxation that just might work in this country.

I have included some of his excerpts from his blog and then a link to the report which is in a PDF File and one will need Adobe's PDF Reader software to read it.

(I have linked to Adobe's home page again for those that would like to download this free software....if they do not already have it.)

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During tax time every year many of us wonder why we have such an inefficient system for collecting taxes. There are other ways of imposing a tax and not bending to special interest groups.

The first one that comes to mind is the Flat Tax. A Flat Tax is as easy as it sounds, take your income and send a flat percent of it to the federal government. This idea has a long history of followers, it’s most famous is former Presidential candidate Steve Forbes.

With a Flat Tax there would be a level of income that would be exempt and every dollar over that limit would be taxable at a flat rate. There would be no other exemptions or deductions allowable.

Example: All incomes over $50,000 would be taxed at 15%.
If you earned $45,000 your federal tax bill would be $0.00.
If you earned $55,000 your tax bill would be $750 ((55,000 – 50,000) x 15% = $750).
If you earned $10,000,000 your tax bill would be $1,492,500 ((10,000,000 – 50,000) x 15% = $1,492,500).

And a link to this Racine Blogger:
http://gopfolk.blogspot.com/

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http://www.urban.org/UploadedPDF/1000530.pdf#search=

http://www.adobe.com/products/acrobat/readstep2.html

A good Tuesday to all....