What would you do if you could change our government? I would change the way taxes are collected.
I would put in a flat tax. The only deduction would be a personal deduction set at the poverty line. All income above this would be taxed at 15 percent. This number could be adjusted to keep the taxes revenue neutral. There would be no deductions other than the personal one that applies to all.
That would mean Warren Buffet would pay the same tax rate as his secretary. He could not deduct his losses and would pay income on his profits. The U.S. taxpayer would not be subsidizing his risky investments.
Many U.S. companies have billions of dollars sitting in foreign banks because bringing those monies into the U.S. would cause a huge tax burden. Those are monies that were earned in foreign countries, and taxes were paid in the countries where they were earned.
I would not like to have my money taxed twice. Let’s allow them to bring that money into the country if they use it to build factories and create jobs for Americans. With more Americans working, more revenue would be raised, and our individual tax burden and our national debt could be lowered.
What are your ideas? If our representatives see these ideas, they might try to push them through our gridlocked Congress and turn our country around. What would you do?