We
have
shown
what
is
wrong
with
the
present
tax
code,
suggested
some
simple
changes
to
improve
it,
and
are
now
ready
to
suggest
the
ultimate
solution:
The
10
percent
single
rate
tax.
The
single
rate
tax
is
not
a
new
concept.
The
Social
Security
tax
is
a
single
rate
tax
on
wages
which
produces
almost
as
much
Revenue
as
the
Income
Tax.
It
produces
this
revenue
with
no
annual
tax
filing
whatsoever.
We have shown in our proposal to revise the 1040-EZ, that by eliminating
itemized deductions we were able to limit tax rates to 15% for joint
incomes up to $100,000. We have also shown in our backup data that
eliminating all deductions would allow us to reduce the rate to 10%.
These
words
of
from
16th
amendment
"tax
all
income
from
whatever
source
derived"
give
us
a
clue
on
how
we
may
extend
the
benefits
of
a
10%
rate
tax
to
all
Taxpayers.
We
have
shown
that
a
tremendous
amount
of
personal
income
goes
untaxed
because
of
loopholes
in
the
business
tax
code.
In
addition
legal
avoidance
of
the
inheritance
tax
could
be
easily
curtailed
by
simply
reducing
the
rate
to
10%
and
allowing
the
tax
to
be
paid
in
five
annual
installments
of
2%
per
year.
Many
Americans
avoid
taxes
on
investments
by
investing
in
tax
free
bonds
or
other
tax
shelters.
By
eliminating
the
unfair
tax
on
the
illusion
of
income
through
the
failure
to
account
for
inflation
these
tax
shelters
will
disappear.
E-mail
