I think you all know how I feel about taxes. Me no likey (apologies to Miss V for the baby talk). However I'm always up for listening to proposals and ideas on to fix the tax system. . The tax system that is a complete mess. Heck, there were 1700 changes to laws and rules alone since last year. Are you kidding me? Anyways my friend Dan The Man The Ladies Man came up with a solution. I want to know what you think about his proposal:
I'm AM for lower taxes. Not just lower taxes for me. Lower taxes for the Bill Gates types (who pays nearly 60% now), but more importantly, lower taxes for small and medium businesses.
The fairest system for everyone? Implement A Flat Tax. No offshore tax shelters, no write offs for bad investments, and I don't care how many kids you have. No Schedule-A or B or C or D. No 1040 or 1040EZ. Just three simple boxes. "How much did you gross last year?" "Multiply that by 15%" and "Sign Here." Done. With one exception...I'm AM for lower taxes. Not just lower taxes for me. Lower taxes for the Bill Gates types (who pays nearly 60% now), but more importantly, lower taxes for small and medium businesses.
Tax Free Hybrids. This is a pronged attack; one for the auto manufacturers and one for the consumers, both geared towards combating our addiction to foreign oil. For the manufacturers; all corporate income generated from hybrid/electric sales will be completely free from federal taxes for the next five years. Thus if GM ever gets off their ass and gets the Volt going, and they gross $50 billion in sales but $15 million of that is from hybrids and electric cars, then they only pay the 15% flat tax on the remaining $35 billion. Chrysler will be sucking hind tit on this one, since they don't offer any vehicles that fall under this category, so they better get their ass in gear or die on the side of the road like one of their K-cars. As for consumers, 50% of the hybrid's purchase price would be a federal tax deduction. So if you make $70k a year, and spend $24k on a hybrid, then you'll pay your 15% flat tax on the remaining $58k. One hybrid/electric tax deduction allowed per taxpayer. I'd be willing to explore the same thing for wind/solar for household power generation.
OF COURSE none of this will ever happen. I expect a National Sales Tax within 5 years to help pay for the healthcare overhaul, and because once the interest rate goes up, we be in dire straights and owe our souls and first born sons to China."
Dan Quisenberry
