Tax Reform


 

 

 

 

 

 

In Washington, my only special interest: The People.

The tax code needs a page-one rewrite.

Our current plan threatens our Constitutional Democracy. It puts our economy, the middle-Class, working families and the poor at risk while favoring corporations and the extremely wealthy that are not paying their fair share.

I support the FAST (Fair Automatic Simple Tax) Plan

The ultimate objective of the FAST PLAN is to replace our inefficient 75,000-page tax code with a system, using a technique that is: 

FAST PLAN is the product of www.RationalAmericans.org FAST (Fair Automatic Simple Tax)  

The ultimate objective of the FAST PLAN is to replace our inefficient 75,000-page tax code with a system, using a technique that is:

• Fair, Progressive & Automatic • Revenue Neutral (a fiscal state where Revenue = Expenditures)

• Able to Fund Vital Government Programs

• Will Pay Down the National Debt

(The FAST PLAN is based on factual irs.gov)

FAST PLAN consists of 3 Basic Tax Rates:

1. Permanent Tax Rate

• Individuals: consists of 8 brackets that range from 2% to 19.4%

• Corporations: 6% to 6.5% suggested

FAST PLAN decreases when surplus exceeds predetermined levels.

2. Temporary Variable Rate (TVR)

• Average 30% Permanent Tax Rate

• Auto-set by budget deficit or surplus

• Disappears when there is no debt at which point only Permanent Tax Rates are due.

FAST PLAN

3. Active Tax Rate

• Permanent Tax Rate + (TVR) FAST PLAN

• Eliminates all tax deductions • Eliminates all loopholes and tax credits

•  All income and capital gains are taxable •  Everyone pays their own fair share

•  Lower FAST PLAN exceed any lost deductions (e.g., the "home mortgage")

FAST PLAN

• Eliminates Corporate Inversions

Any business entity originally founded in the United States, doing business in the United States, no matter where its "Parent" company is located, must pay United States taxes.

FAST PLAN automatically adjusts tax rates.

•  During deficits, TVR is activated

•  When there is no deficit, TVR is eliminated

Since tax rates are automatically adjusted, legislators will not be able adjust tax rates to benefit special interest groups.

FAST PLAN eliminates or simplifies tax returns.

1. For Employed individuals, no tax return necessary

2. For Self-Employed individuals, tax amount due can be computed by using simple arithmetic – Multiply gross earnings by the Active Tax Rate.

FAST PLAN offers the added benefits of:

• Eliminating - tax season stress.

• Eliminating - erroneous" tax returns.

• Eliminating - fraud due to identity theft.

Minimize the need for IRS audits

Restore United States credit rating to AAA.

Bring stability to world economy.

Create jobs through disposable income; spending and demand for goods will increase substantially as a result of lower FAST PLAN Tax Rates.

An economic outlook consistent with activity of 2015, coupled with the continuing drop in our unemployment rate to a level of 4% or lower. FAST PLAN projects: paying off the National-Debt will take between 8-10 years.