DanielX
Junior Chimp
Posts: 5,126
Political Matrix E: 2.45, S: -4.70
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« on: July 29, 2005, 03:29:22 PM » |
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I've got a rough draft of a bill that will replace the current income tax system with a 'thin' income tax (actually, a flat tax with income deduction'). I'd like suggestions on how to make it less rough and more ready. Or maybe how to modify provision 1 to mention specific bills.
Thin Tax Act:
1. All Acts, bills, and provisions related to taxes on Income, Estates, and Capital Gains are hereby repealed, save for articles related to enforcement.
2. The Internal Revenue Service (IRS) shall hereby be renamed the Tax Collection and Enforcement Agency (TCEA). - Employment eliminations and reforms shall be in the purview of the Department of the Treasury.
3. in all future government legislation, "Income" shall be defined as the sum total of the following an individual, family, or corporation can make in a single fiscal year: - Salary from a job; - Profits made from selling goods and services to consumers; - Gains in capital from investments, as long as there is a net positive income; - Gifts and Prize Money, if said amount is more then $1,000.
4. A household minimum income unit (HMIU) shall be defined as the total of the following: - $12,000 for each income-earning member of the household over the age of 18 years; - $4,000 for dependents (to be defined as children under the age of 18, as well as inviduals who are legally disabled and are unable to work).
5. The corporate minimum income unit (CMIu) shall be defined as $25,000.
6. Provisions 4 and 5 shall be adjusted every three years, tied to the Congressional Price Index.
7. All income above the HMIU (for households) or CMIU (for businesses and corporations) shall be taxed at a rate of 20%.
8. The TCEA shall issue a tax form on a double-sided, 8 1/2 x 11 inch piece of paper on which the Thin Tax Act and all related tax regulations are printed on one side in 10 point font or greater, and a tax form on the other in 12 point font or greater.
9. The Department of the Treasury and the TCEA shall be responsible for producing a reasonable tax collection schedule, and shall issue forms at least 2 months before any tax on income is due.
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