To: President Donald Trump, The United States House of Representatives, and The United States Senate
Make fair simpler taxes for all and save Social Security and Medicare in the bargain
Revise the tax code to;
If you receive income you pay employment and Medicare taxes. There is NO cap. If you receive $20+ million you pay employment and medicare tax on the entire amount. Income received from investments is considered self-employment income subject to an employer and employee contribution. Abolish the alternative minimum tax. Abolish capital gains tax. Abolish dividend tax. Raise the personal exemption to $100,000. Drop incremental tax rates above $100,000 across the board. to compensate for the employment “base” tax.
If you are the controlling interest (sole proprietors, partners, stockholders) in any business entity, you receive a pro-rata credit against your personal employment tax equal to the total amount of employment tax paid (to the US Treasury) by ALL US employees in that entity.
Passive investors pay close to the current capital gains tax. Small business owners get rewarded for having employees in the US that pay employment taxes. EX: A small owner that makes 5 times their average employee but has 5 employees will pay ZERO employment tax. An investor that derives 100% of their income from bonds will pay approximately 16%.
Surpluses in the Social Security and Medicare funds in excess of a certain buffer will be returned to the general fund to pay down the National Debt.
Link to White House petition
http://wh.gov/XHf2
If you receive income you pay employment and Medicare taxes. There is NO cap. If you receive $20+ million you pay employment and medicare tax on the entire amount. Income received from investments is considered self-employment income subject to an employer and employee contribution. Abolish the alternative minimum tax. Abolish capital gains tax. Abolish dividend tax. Raise the personal exemption to $100,000. Drop incremental tax rates above $100,000 across the board. to compensate for the employment “base” tax.
If you are the controlling interest (sole proprietors, partners, stockholders) in any business entity, you receive a pro-rata credit against your personal employment tax equal to the total amount of employment tax paid (to the US Treasury) by ALL US employees in that entity.
Passive investors pay close to the current capital gains tax. Small business owners get rewarded for having employees in the US that pay employment taxes. EX: A small owner that makes 5 times their average employee but has 5 employees will pay ZERO employment tax. An investor that derives 100% of their income from bonds will pay approximately 16%.
Surpluses in the Social Security and Medicare funds in excess of a certain buffer will be returned to the general fund to pay down the National Debt.
Link to White House petition
http://wh.gov/XHf2
Why is this important?
Comprehensive simpler tax reform