The California tax code is quite complex. Yet if every Californian
were asked to give one hour's pay each week to Sacramento, the State
would receive the same tax revenue as it does now.
We have shown in our proposal to revise the 540EZ that by eliminating
itemized deductions we were able to provide a flat rate tax of 2.5%
up to $100,000. We have also shown in our backup data that eliminating
all deductions allows us to reduce the rate to less than 2% up to
$100,000.
In order to extend the benefits of a 2.5% rate tax to all of California's
Taxpayers we look to the words of from 16th Amendment which authorizes
the government to "tax all income from whatever source derived
" We can close loopholes in the business tax code which allow
a tremendous amount of personal income to go untaxed and By Eliminating
the unfair tax on the illusion of income caused by the failure to
account for inflation we can cause many tax shelters to disappear.
These simple changes allow us suggest the ultimate solution: the 2.5
percent single rate tax.
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