The economic crisis was caused by corporate greed and an unwillingness of the government to regulate them. We cannot dismiss the long history of Wall Street and corporate CEO-friendly economic policies that have led to an economy that is dangerously out of balance. Corporate executives continue to get rich and ensure the rules are written to favor them. America’s working people deserve a voice in the laws governing our economy.It is time for our corporations and our capital markets to be held to higher standards of responsibility and accountability. We will continue to campaign for increased corporate accountability, be the leading voice in reigning in executive pay and advocate for sensible tax policies. These steps make sure corporations pay their fair share.
We have taken up the responsibility for the American tax policy. The job of lawmakers is to develop a course of action that will hasten the economic recovery, cut down on the growing deficit, and safeguard the most vulnerable.
Our team has modeled the effects of many options on the U.S. economy, distribution of the tax burden, and federal revenue. We acknowledge there is an ever-present trade-off among how much revenue a tax will generate, who bears the burden of a tax, and also identify what impact a tax will have on economic growth.
Returning to Growth:
We don’t only rely on measures meant to boost short-term economic growth and give consumers and companies access to cash. There is a risk in delivering only short-term effects and a weak long-term recovery, if this is done.
Even while there is a need for immediate relief; long-term adjustments to tax laws can effectively encourage capital formation, investment, and work. To be effective in promoting economic recovery, federal tax policy changes must be made on a permanent basis to improve long-term incentives. Temporary improvements would not provide adequate time to recoup the cost of major investments, nor the certainty needed to engage in long-term decision-making. Moreover, short-term policy changes can increase uncertainty, which undermines capital spending and new investment as a general matter.
Broadly speaking, permanent improvements to the tax code can clear the path to economic recovery through one of two main channels. First, tax policy can change people’s incentives to work, which impacts the supply of labor. Second, tax policy can change people’s incentives to save and invest, which impacts the supply of capital. More jobs and money lead to a larger economy.
In most cases, such improvements would not require a new set of policies, rather the removal of obstacles that stand in the way of work and investment.
Reducing the Deficit:
Prior to the pandemic-induced recession, the federal budget faced structural deficits that would become unsustainable over the long term. The fiscal response to the pandemic and recession drastically increased the budget deficit in 2020 and 2021. Spending growth is set to well outpace revenue growth even after the fiscal response and short-term effects of the pandemic fade. This is due to structural deficits driven by demographics, entitlement spending, and interest costs.
While the nascent recovery is not the appropriate time to engage in deficit-reduction efforts, particularly given that low interest rates imply ample room for a continuing fiscal policy response, lawmakers will eventually turn their attention toward addressing deficits.
In general, taxes on more mobile factors of production, such as capital, cause more distortions to economic incentives than taxes on less mobile factors, such as labor.
Protecting the Vulnerable:
Individual tax compliance and complexity ishe full cost of a tax system, which is more than simply the amount of tax paid. It also includes the cost of tax planning and paperwork. Economists call these “tax compliance” costs, and the IRS estimates Americans spend 6.6 billion hours per year filling out tax forms—including 1.6 billion hours on the 1040 form alone. This is just another mother flipping scam and is designed to harm the vulnerable.
While recessions usually hurt a broad swath of households, the pandemic-induced shutdowns and recession hit lower-income households disproportionately when compared to previous recessions. This especially impacted those with school-age children. At its height, approximately 20 million workers lost their jobs with losses heavily concentrated in tourism, food service, and related sectors. Though the ongoing recovery has seen more than half of jobs return, the gains have not been proportional across the income scale.
Concerns about protecting low-income or other vulnerable populations are often conflated with broader concerns about increasing the overall progressivity of the tax code or raising the tax burden on wealthy households. Rather than take that approach, the options here outline changes to provisions targeted to the populations in need.
For many low-income households, payroll taxes comprise a larger share of their tax burden than individual income taxes do. Further, many lower-income households face negative effective income tax rates, as refundable tax credits such as the Child Tax Credit (CTC) and Earned Income Tax Credit (EITC) fully offset tax liability and result in tax refunds. During the 2018 tax year, more than 39 million tax returns claimed the CTC and more than 26 million returns claimed the EITC.
While strong economic growth—fueled by higher levels of investment, productivity, and jobs—will lift after-tax incomes over time, policies that provide relief by immediately boosting after-tax incomes of lower-income households are also available. To that end, we illustrate the economic, revenue, and distributional implications of eight changes to tax provisions that affect vulnerable populations.
Simplifying the Tax Code:
Our changes are aimed at returning to growth, reducing budget deficits, and aiding vulnerable households. The tax code has been simplified and improved. We have improved the horizontal equity of the tax code by applying the same set of rules for taxpayers that are in similar situations. Removing the individual alternative minimum tax (AMT) eliminates a second structure, under which certain taxpayers face different rules. Implementing full expensing for all capital investments would equalize tax treatment of the different types of costs businesses incur.
The tax code also no longer includes temporary provisions, which required taxpayers to frequently check the tax code for changes by improving the stability of the tax code by eliminating temporary tax expenditures and making other components of the tax code permanent.
Income Taxes
Income taxes are a source of revenue for governments. They are used to fund public services, pay government obligations, and provide goods for citizens. In addition to the federal government, many states and local jurisdictions also require that income tax be paid.
When it comes to federal income tax rates and brackets, the tax rates themselves didn’t change from 2021 to 2022. There are still seven tax rates in effect for the 2022 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. However, as they are every year, the 2022 tax brackets were adjusted to account for inflation.
Everyone will file their tax form as an individual. There won’t be a differentiation from spouse, married or head of household.
We will be moving to a quarterly tax filing system, which is similar to what corporations/LLCs, etc. use at this time. This will require an update to the W-4 form for employers, as the dependants will no longer impact the tax amounts, The employers will use an auto-filled system for tax payments from the salary and pay the tax amount accordingly. The tax payer will be required to audit and accept to verify any refund owed or payment submitted. We will create a portal for the individual to login and view, which could be the current Social Security website, which is already secure and will no longer be needed. See UBI policy.
Note, tax credits for children will no longer apply to the filings, as children and costs have been addressed through our strengthened social safety net. See UBI, education and healthcare policies.
Corporations in the United States pay federal corporate income taxes levied at a 21 percent rate.
Small businesses (entrepreneurs with 1-99 employees) will pay a flat 18% tax. **In the event, the small business profits over $40M/year, the large business tax rate will apply.
Large businesses (Corporations) in the United States pay federal corporate income taxes levied at a 40 percent rate. The balance sheet will now factor in the following:
Human Cost
Line two of three referenced in Triple Bottom Line is the Human Cost. Human Cost will be calculated mathematically, using statically analyzed settlement figures collected from related industries over the last five years, regarding the following costs:
- Lost wages and wage theft (including refusal to pay contractually obligated benefits)
- Lost lives (and related funeral costs)
- Lost homes
- Lost infrastructure
- Mental health impact
- Underpaid employees (based on regionally indexed wages)
- Materials from unethical sources (as set by the UN)
- Medical expenses related to workplace safety
Environmental Cost:
Line three out of three referenced in Triple Bottom Line is the Environmental Cost. Environmental Cost will be calculated mathematically, using statically analyzed cost figures collected from the cost of ecological reparations, bioremediation, and pollution and waste reduction actions of the appropriate category over the last five years, regarding the following costs:
- Replacement parts per quarter (filters, single-use manufacturing components, etc.)
- Emissions
- Plastic waste and packaging
- Water pollution
- Recycling fees
- Deforestation
- Fire
- Desertification
- Other habitat destruction
- Chemical runoff pollution (to its full dispersion)
Retroactive Costs:
Human Cost and Environmental Cost have been left to accumulate, leaving in their wake ecological destruction and the devastation of innumerable human lives. It’s time for those responsible to pay their debts. Triple Bottom Line will be applied retroactively to all USA-based corporations for the past thirty-seven (37) years.
Reporting and Oversight:
The statistical analysis required in calculating both Human Cost and Environmental Cost must be reported every quarter with the corporation’s quarterly taxes. If a corporate entity is not equipped with the staff to provide this data internally, they may use a third-party analysis service.
Using this data, a Human Cost and an Environmental Cost will be calculated. This value must be paid when filing taxes the following quarter.
Annually, a post-cost evaluation will be conducted by a third party to evaluate these reports and compare the Human Cost and Environmental Cost reported to the actual impact.
Corporations found misreporting will have 30 days to pay additional Human Cost and Environmental Cost or file an appeal, or be subject to Judicial Dissolution. If an appeal fails, the corporation will be subject to Judicial Dissolution immediately.
Cost Recovery
Cost recovery is the ability of businesses to recover (deduct) the costs of their investments. It plays an important role in defining a business’ tax base and can impact investment decisions. When businesses cannot fully deduct capital expenditures, they spend less on capital, which reduces worker’s productivity and wages.
In addition to the federal corporate income tax rate, many U.S. states levy corporate income taxes of their own. Economists have long understood that corporate income taxes are double taxes, since the same income is taxed once as profit, and once as individual income when distributed as dividends to shareholders.
Contrary to popular misconception, the ultimate burden of corporate income taxes doesn’t fall on corporations, but is instead borne by workers, shareholders and consumers. According to a recent Federal Reserve study, state corporate taxes hurt entrepreneurship.
Technological progress extends the frontiers of the possible. It is the freedom of the few to do something novel that matters most, not the freedom of the many to do something familiar. Accordingly, the freedom one exercises themselves often is not the freedom that has the most bearing on one’s future.
Consider that early adopters finance research that brings down production costs and thus finances a dispersion of products and services at falling prices that eventually bring late adopters to the market. One may never trade with early adopters, yet even so they depend on them, for they help to finance the invention and ongoing re-invention of products whose marginal cost eventually falls to a point where one can afford them.
Often, technological progress consists of innovations that lower transaction cost: steamboat, railroad, air travel, telegraph, telephone, internet, bar code reader, “apps” that make possible such businesses as Uber and AirBnB, along with innovative organizational structures and business models such as Federal Express or container ships (which, after a ten-year legal battle with trade unions, reduced from days to minutes the time that a truck’s contents would spend at the dockyard before being transferred to a ship).
In many cases, the cost of transacting concerns the cost of information. As the frontier of knowledge expands, the slice that a given individual can grasp inevitably becomes a smaller fraction of the whole. Prices become an increasingly indispensable window to a world of tacit knowledge.
In summary, technological innovation shocks economies. Formerly profitable investments become relics of a bygone age and must be liquidated. Workers get laid off until they find some other way to produce goods wanted by today’s customers.
Transitions are tough, miscalculations abound, but the upshot is that we grope toward heights made possible by a given innovation. Innovative ways of lowering transaction cost spread throughout a community, and failures (including once-useful but now obsolete innovations) are discarded. More precisely, failures are discarded if and when decision makers are innovators on the ground, learning to avoid losing their own money on ideas that fail to bear fruit in a given time and place.
Many deny that resources will ever be used at theoretical peak efficiency. Humans being what they are, waste is ubiquitous. Mistakes are ubiquitous. The “marvel” of markets is that people make mistakes, get burnt, learn fast, and make corrections. By contrast, if decision makers are bureaucrats in large organizations, their focus is not on avoiding mistakes but on avoiding budget cuts. If bureaucrats acknowledge that their plan is failing, the consequence is not that they retrench and divert their own resources to better purposes but that their supervisors cut their budgets. Note: what cuts their budget is not the mistake so much as someone learning from the mistake.
Bureaucratic structure makes new information a threat that needs to be suppressed, or smothered in propaganda. Bureaucrats and their expert advisors experience mistakes not as events from which they need to learn but rather as events that they need to cover up. Their mistakes are with other people’s money, so bureaucrats learn to say with a straight face, when confronted, that their budget was not large enough, or that things would have been worse without their policies.[1] They may even believe what they are saying, but they do not know and have every incentive to avoid learning.
We said all of that to say… It is up to the corporations to understand that we have chosen to listen to a renowned Austrian economist and give our corporations the opportunity to pull themselves up by their bootstraps. This will no longer be needed, as the taxes will be calculated based on salary amount only. No credits will be considered, as all basic needs that are currently profited from to decrease your tax liability, will be provided to you.
Tax Expenditures, Credits, and Deductions
Tax expenditures describe revenue losses attributable to provisions of Federal tax laws which allow a special exclusion, exemption, or deduction from gross income or which provide a special credit, a preferential rate of tax, or a deferral of tax liability. These exceptions are often viewed as alternatives to other policy instruments, such as spending or regulatory programs.
The tax items for tax year 2022 of greatest interest to most taxpayers include the following dollar amounts:
The standard deduction for married couples filing jointly for tax year 2022 rises to $25,900 up $800 from the prior year. For single taxpayers and married individuals filing separately, the standard deduction rises to $12,950 for 2022, up $400, and for heads of households, the standard deduction will be $19,400 for tax year 2022, up $600.
The personal exemption for tax year 2022 remains at 0, as it was for 2021, this elimination of the personal exemption was a provision in the Tax Cuts and Jobs Act.
Marginal Rates: For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater than $539,900 ($647,850 for married couples filing jointly). The other rates are:
35%, for incomes over $215,950 ($431,900 for married couples filing jointly)
32% for incomes over $170,050 ($340,100 for married couples filing jointly)
24% for incomes over $89,075 ($178,150 for married couples filing jointly)
22% for incomes over $41,775 ($83,550 for married couples filing jointly)
12% for incomes over $10,275 ($20,550 for married couples filing jointly)
The lowest rate is 10% for incomes of single individuals with incomes of $10,275 or less ($20,550 for married couples filing jointly)
For 2022, as in 2021, 2020, 2019 and 2018, there is no limitation on itemized deductions, as that limitation was eliminated by the Tax Cuts and Jobs Act.
The Alternative Minimum Tax exemption amount for tax year 2022 is $75,900 and begins to phase out at $539,900 ($118,100 for married couples filing jointly for whom the exemption begins to phase out at $1,079,800). The 2021 exemption amount was $73,600 and began to phase out at $523,600 ($114,600 for married couples filing jointly for whom the exemption began to phase out at $1,047,200).
The tax year 2022 maximum Earned Income Tax Credit amount is $6,935 for qualifying taxpayers who have three or more qualifying children, up from $6,728 for tax year 2021. The revenue procedure contains a table providing maximum EITC amount for other categories, income thresholds and phase-outs.
For tax year 2022, the monthly limitation for the qualified transportation fringe benefit and the monthly limitation for qualified parking increases to $280.
For the taxable years beginning in 2022, the dollar limitation for employee salary reductions for contributions to health flexible spending arrangements increases to $2,850. For cafeteria plans that permit the carryover of unused amounts, the maximum carryover amount is $570, an increase of $20 from taxable years beginning in 2021.
For tax year 2022, participants who have self-only coverage in a Medical Savings Account, the plan must have an annual deductible that is not less than $2,450, up $50 from tax year 2021; but not more than $3,700, an increase of $100 from tax year 2021. For self-only coverage, the maximum out-of-pocket expense amount is $4,950, up $150 from 2021. For tax year 2022, for family coverage, the annual deductible is not less than $4,950, up from $4,800 in 2021; however, the deductible cannot be more than $7,400, up $250 from the limit for tax year 2021. For family coverage, the out-of-pocket expense limit is $9,050 for tax year 2022, an increase of $300 from tax year 2021.
The modified adjusted gross income amount used by joint filers to determine the reduction in the Lifetime Learning Credit provided in § 25A(d)(2) is not adjusted for inflation for taxable years beginning after December 31, 2020. The Lifetime Learning Credit is phased out for taxpayers with modified adjusted gross income in excess of $80,000 ($160,000 for joint returns).
For tax year 2022, the foreign earned income exclusion is $112,000 up from $108,700 for tax year 2021.
Estates of decedents who die during 2022 have a basic exclusion amount of $12,060,000, up from a total of $11,700,000 for estates of decedents who died in 2021.
The annual exclusion for gifts increases to $16,000 for calendar year 2022, up from $15,000 for calendar year 2021.
The maximum credit allowed for adoptions for tax year 2022 is the amount of qualified adoption expenses up to $14,890, up from $14,440 for 2021.
This will no longer be needed, as the taxes will be calculated based on salary amount only. No credits will be considered, as all basic needs that are currently profited from to decrease your tax liability, will be provided to you.
Tax Compliance and Complexity
The full cost of a tax system is more than simply the amount of tax paid. It also includes the cost of tax planning and paperwork.
Currently, individuals are required to file their taxes themselves or hire a tax professional to file them. Economists call these “tax compliance” costs, and the IRS estimates Americans spend 6.6 billion hours per year filling out tax forms—including 1.6 billion hours on the 1040 form alone.
Going forward, individuals will not need to file their personal taxes themselves or hire a professional, as we are removing 90% of the complexity with taxes and filing.
The employer will be submitting the tax payment quarterly, on behalf of the employee. If you are the owner, this will be handled the same as your business taxes.
The changes we are making will decrease the risk of tax fraud or errors. This ensures compliance is met and payments and/or refunds are handled correctly.
Consumption Taxes
A consumption tax is a tax on the purchase of a good or service. Consumption taxes can take the form of sales taxes, tariffs, excise, and other taxes on consumed goods and services.
A consumption tax can also refer to a taxing system as a whole in which people are taxed based on how much they consume rather than how much they add to the economy (income tax).
Manner of Computation:
Specific Tax = No. of Units/other measurements x Specific Tax Rate.
Ad Valorem Tax = No. of Units/other measurements x Selling Price of any specific value per unit x Ad Valorem Tax Rate.
Cannabis tax will be added to this section, as it will no longer be illegal. Currently we are not able to add a tax, as it is not federally supported and is charged per state. The 18 states that currently collect this tax will be grandfathered into a reduced tax. It is a reward for the states that got onboard with this policy early to reduce their taxes in the future. They saw through the bullshit and treated their residents with care and concern. The other 32 states that haven’t won’t get this and have fucked around and will find out. *See decriminalizing drugs policy.
30% tax for states that have not decriminalized yet.
Only 10% will be added to the 18 states that have decriminalized.
Dividends Taxes
Dividends are income earned by investing in stocks, mutual funds, or exchange-traded funds, and they are included in your tax return on Schedule B, Form 1040.1
The U.S. tax code gives similar treatment to dividends and short-term capital gains, and qualified dividends and long-term capital gains, respectively.
Qualified dividends are taxed at 0%, 15%, or 20%, depending on your income level and tax filing status. Ordinary (non-qualified) dividends and taxable distributions are taxed at your marginal income tax rate, which is determined by your taxable earnings.
Corporation’s shareholders earn payments from corporate after-tax profits. These businesses need to be taxed and not given out via tax deductions and loopholes. The dividend tax rate going forward will be 38%.
**If you are rich & reading this we hope you are mad. For too long you have taken advantage of your fellow countryman and we hope you stub your toe.**
Capital Gains Taxes
Capital gains are the amount an asset increases in value between when it is purchased and when it is sold. The U.S. tax code gives similar treatment to dividends and short-term capital gains, and qualified dividends and long-term capital gains, respectively.
Short-term capital gains tax is a tax on profits from the sale of an asset held for one year or less. The short-term capital gains tax rate equals your ordinary income tax rate.
Long-term capital gains tax is a tax on profits from the sale of an asset held for more than a year. The long-term capital gains tax rate is 0%, 15% or 20% depending on your taxable income and filing status. They are generally lower than short-term capital gains tax rates.
The capital gains tax rate is 0%, 15% or 20% on most assets held for longer than a year. Capital gains taxes on assets held for a year or less correspond to ordinary income tax brackets: 10%, 12%, 22%, 24%, 32%, 35% or 37%
Corporation’s shareholders earn payments from corporate after-tax profits. These businesses need to be taxed and not given out via tax deductions and loopholes. The captail gains tax rate going forward will be 38%.
**If you are rich & reading this we hope you are mad. For too long you have taken advantage of your fellow countryman and we hope you stub your toe.**
Excise Taxes
An excise tax is a legislated tax on specific goods or services at purchase such as fuel, tobacco, and alcohol. Excise taxes are intranational taxes imposed within a government infrastructure rather than international taxes imposed across country borders. A federal excise tax is usually collected from motor fuel sales, airline tickets, tobacco, and other goods and services.
Specific Tax = No. of Units/other measurements x Specific Tax Rate.
Cannabis tax will be added to this section, as it will no longer be illegal. Currently we are not able to add a tax, as it is not federally supported and is charged per state. The 18 states that currently collect this tax will be grandfathered into a reduced tax. It is a reward for the states that got onboard with this policy early to reduce their taxes in the future. They saw through the bullshit and treated their residents with care and concern. The other 32 states that haven’t won’t get this and have fucked around and will find out.
*See decriminalizing drugs policy.
30% tax for states that have not decriminalized yet.
10% tax for states that have decriminalized.
Estate Taxes
The estate tax is a tax on your right to transfer property at your death. It consists of an accounting of everything you own or have certain interests in at the date of death.
In 2022, the federal estate tax ranges from rates of 18% to 40% and generally only applies to assets over $12.06 million.
A flat inheritance tax rate is 40%. It’s only charged on the part of your estate that’s above the tax-free threshold which is currently $250,000. There are zero exceptions or exclusions.
Gift Taxes
If you give someone money or property during your life, you may be subject to federal gift tax.
If you give someone money or property during your life, you may be subject to federal gift tax.
After four years, the annual federal gift tax exclusion has increased from $15,000 to $16,000. The annual exclusion is the most you can give away to or for the benefit of a single person within a calendar year without needing to file a federal gift tax return (Form 709) and/or reducing your lifetime exemption (discussed below). If you are married, you can “split” gifts with your spouse, essentially doubling your annual exclusion. For instance, if you are married and your spouse consents, you can gift up to $32,000 to unlimited individuals in 2022 with no gift or estate tax consequences. The IRS treats the $32,000 gift as two gifts below the annual exclusion, one from you and one from your spouse.
In general, gifts to pay certain education and medical expenses are exempt, even if they are in excess of the annual exclusion, provided they are paid directly to the educational institution or medical provider and not paid to the recipient of the education or medical treatment.
There is a common misconception that you must pay gift taxes if you give away more than the annual exclusion to a single recipient. Every taxpayer has a lifetime gift and estate tax exemption amount. In 2022, the lifetime exemption increased from $11.7 million to $12.06 million. Unless the tax laws change, the lifetime exemption will drop to approximately $6.2 million at the end of 2025. Gifts above the annual exclusion described above count against your lifetime exemption and should be reported on a Form 709 gift tax return. Generally, you will only be liable to pay federal gift taxes if your total lifetime gifts exceed the exemption. The only state that currently imposes its own gift tax is Connecticut.
The gift tax is tied to the estate tax. After you die, your executor (if you have a will) or estate administrator (if you don’t) will compute the value of your estate and add that to the total taxable gifts you made during your lifetime. If the total amount (after deductions) is greater than the lifetime exemption in the year of your death, your estate must pay estate tax on the amount over the exemption. Rates range from 18% to 40%, depending on the size of your estate. Some states impose their own estate tax with different lifetime exemption amounts. Other states impose an inheritance tax based on the value of after-death transfers and your relationship to the recipient of those transfers.
The lifetime exemption for a separate but related tax, known as the generation-skipping transfer tax (GST tax), is also increasing from $11.7 million to $12.06 million. The GST tax is quite complex. In a nutshell, lifetime gifts and post-death transfers (e.g., through your will or certain trusts) made to or for the benefit of individuals more than one generation removed from you (skip persons) are reported and counted against your lifetime GST tax exemption, which is separate from the lifetime gift and estate tax exemption.
To illustrate, if you give $100,000 to your grandchild in 2022 during your life or through your will, $100,000 is counted against your lifetime GST tax exemption (and $84,000 is counted against your lifetime gift and estate tax exemption). If total transfers to skip persons exceed your lifetime GST tax exemption, a flat 40% tax is imposed on the overage. Unlike the gift tax, there is no annual exclusion for the GST tax.
Notably, gifts to skip persons are also reportable for gift and estate tax purposes, so it is possible to be liable for both gift/estate tax and GST tax.
A flat inheritance tax rate is 40%. It’s only charged on the part of your estate that’s above the tax-free threshold which is currently $250,000. There are zero exceptions or exclusions.
Tariffs
A tariff is a tax imposed by one country on the goods and services imported from another country to influence it, raise revenues, or protect competitive advantages.
All trade agreements must be renegotiated with our world partners.
Savers, Investors, and Entrepreneurs:
The United States has long been a forward-thinking country that builds for tomorrow through saving, investment, and entrepreneurship. Saving gives us security, investment gives us rising incomes through enhanced productivity, and entrepreneurship drives economic growth and dynamism, creating new opportunities.
However, over the last fifty years, all three have been eroded. Citizens aren’t saving enough, businesses aren’t investing enough, and the country is undergoing a retreat in the level of economic growth and dynamism.
As it is, the U.S. tax code places substantial burdens on each of these essential factors of our economy. What’s worse, while other nations have become more attractive, there has been a proliferation of proposals in the U.S. that would only cause further harm—wealth taxes, “mark-to-market” capital gains taxes, estate taxes, and financial transaction taxes.
Going forward, we will be introducing a British economists strategy for savers, investors and entrepreneurs. They will be thrilled that we are actively trying to influence the course of economies, especially by increasing spending to stimulate demand in the face of recession. Economics argues that demand drives supply and that healthy economies spend or invest more than they save. By helping entrepreneurs create jobs and boost consumer buying power during a recession, we acknowledge governments should increase spending, even if it means going into debt. Going forward, we will put people over profits.
We understand that there is a fine balance when promoting deficit spending; however, with our new federal tax model, we will be taking the power from corporations and giving the entrepreneurs and the people an opportunity for private investment. By eliminating the current stifling stipulations on private investment, we will remove barriers to entry and stifle inflation instead.
Index:
Estate and Gift Taxes (§§ 2001 – 2801)
Employment Taxes (§§ 3101 – 3512)
Miscellaneous Excise Taxes (§§ 4001 – 5000D)
Alcohol, Tobacco, and Certain Other Excise Taxes (§§ 5001 – 5891)
Procedure and Administration (§§ 6001 – 7874)
The Joint Committee on Taxation (§§ 8001 – 8023)
Financing of Presidential Election Campaigns (§§ 9001 – 9042)
Trust Fund Code (§§ 9500 – 9602)
Coal Industry Health Benefits (§§ 9701 – 9722)