For my third proposal in the series titled "If I were King" I would like to
introduce my plan to revamp our Federal Tax Codes.
If I were King, I would forward to Congress the following Proposal:
Graduated Flat Tax
The Graduated Flat Tax program would replace all current I.R.S. Regulations and
become the Federal Government's standard Federal Tax Code. It will be broken
down in percentile of tax in the following manner.
Annual Earned Income-----------------------------Federal Tax Due(by percent of income)
$0.00 to $20,000.00--------------------- 0 percent
$20,001 to $75,000.00----------------------10 percent
$75,001 to $200,000.00---------------------15 percent
$200,001 to 1 Million -------------------------23 percent
1 Million and over -------------------------------------39 percent
This Graduated Flat Tax would be imposed on personal income and all buisnesses, industries,
corporations, etc. etc. This would be the ONLY tax code for all Americans.
This proposal is one part of my Economic Overhaul Proposal which also includes other
subjects including but not limited to The Federal Budget, Line Item Veto, Social Security
and others that I will explain in future proposals. This is simply the first "brick in the wall"
if you will and as the others are published you will better understand how I can resolve our
problems with out of control spending by the Federal Government and how I can assure a
balanced budged each and every year and still be able to fund the necessary Federal Programs
that need funding.
thank you all, and may God bless you and yours
i.r. know 1