Principles-Based U.S. Tax Systems

Political expediency to retain power and garner votes has resulted in 80,000+ pages of tax codes that exasperate our current national problems. Fixing the nation’s present fiscal mess will require tax changes and spending controls. New tax systems are proposed that are based on a long-term focused set of principles rather then short-term politics.

The federal government’s income is dominated by corporate income taxes (~15%), individual earned and capital gains income taxes (~50%), and employment taxes (32%). Employment taxes are mostly “insurance policies” for retirement (e.g., Social Security), medical (e.g., Medicare), welfare (e.g., basic survival), and jobs (e.g., unemployment). Estate, gift, and excise taxes are the bulk of the remaining taxes (3%). The progressive individual and corporate income taxes constituting 65% of the federal income are the focus here.

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