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Home / Articles / News / Letters /  Reform the System Now
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Reform the System Now

By City Weekly Readers
Posted // August 15,2012 -

What I would do with the national debt, out-of-control spending, expensive health-care system and an unworkable political system:

1. Consolidate all federal, personal and corporate income taxes, gifts, real estate, capital gains, alternative minimum, Social Security, Medicare, self-employment taxes, federal income and payroll-based taxes into a progressive, national retail sales tax, administered primarily by existing state sales-tax authorities. The Fair Tax Act (H.R. 25/S. 13) is nonpartisan legislation that does all this. Even undocumented workers would pay these taxes.

2. Reform the minimum wage to be industry-wide and not nationwide. Technology, $8.50 per hour; food, $7 per hour; agriculture and construction, exempt, etc.

3. End the health-insurance industries’ exemption from federal antitrust laws.

4. Amend our Constitution to firmly establish that money is not speech and that human beings, not corporations, are persons entitled to constitutional rights.

5. Close down more overseas military bases. We are not the world’s police. How about a national defense instead of national offense?

6. Allow more flexibility for states to do their own reforms.

7. Use fewer military contractors to do a job that service members are already trained to do.

8. Encourage people not to vote for sleazy lawyers, and to write to their elected reps more to enact reforms.

Roberto Vizcarra
West Valley City

 
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REPLY TO THIS COMMENT
Posted // August 15,2012 at 20:39

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From Ryanomics to Romneyomics and Beyond Job Killing Payroll\ Taxes

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The payroll taxes could be replaced with a 2% tax on net\ wealth (excluding $15,000 cash and retirement funds). University of Chicago\ Economics Professor, Casey Mulligan, estimated in September 2011 that each,\ “percentage-point reduction in employers’ [payroll] costs raises employment by\ about a percentage point and real gross domestic product by about 0. 7\ percentage points”. Would Democrats like Mr. Obama oppose the tax? Would\ Republicans like Mr. Romney oppose the tax if it also meant that the income tax\ rate could be reduced to 8% and capital gains and estate taxes could be\ eliminated? Might both Democrats and Republicans agree that a matching 8%\ corporate income tax rate (down from 35%) and 4% VAT is business tax\ perfection? The answers are not simple and must be decided on facts.

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Beginning with business tax reform, the 8% income tax rate\ is made possible by the 4% VAT -a tax used by every developed country except\ the U. S. Reducing the corporate rate would enable the return of several\ trillion dollars of tax deferred foreign profits. The low rate is also the only\ feasible political tradeoff for the elimination of all business tax\ expenditures (“loopholes”).

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The obvious appeal of the individual tax reform includes:\ low 8% income tax rate (Republican), new broad tax base for Social Security and\ Medicare (Republican & Democratic), millions of new jobs with no government\ spending (Republican & Democratic), same low 2% net wealth tax & 8%\ income tax rates paid by rich and poor with no loopholes (Conservative),\ corrects the unintended wealth transfer of the current tax code (Socialist),\ improved upward economic mobility (Democratic), net wealth tax offset for debt\ such as mortgage, student loan, car loan, credit card, etc. (Libertarian), the\ blend of taxes would generate at least $500 billion more in tax revenue (but\ could easily be made revenue neutral). Now ignore the silly partisan labels.

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The obvious hesitations about this tax reform include: the\ VAT is for Europe, Mexico and Canada (but see VAT supporter, Paul Ryan’s 2010\ “Roadmap for America’s Future”), the net wealth tax is Un-American (see net wealth\ tax supporter, Donald Trump’s 2000 “The America We Deserve”), no politician has\ the guts to radically innovate by joining divergent ideas and ideologies (but\ see Bain Capital, Romney Care, Salt Lake City, Trump & Ryan), some very\ wealthy taxpayers may pay more (if you are very wealthy and can’t make money\ with an 8% income tax and no capital gains you deserve to pay more).

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Let us know at TaxNetWealth. com if you can identify a\ logical, legal or economic reason why this 2-4-8 Tax Blend would not produce a\ sustainable economic recovery as promised. Otherwise, let your representatives\ in Washington know that you expect them to support bold tax reform or die\ trying by simply forwarding a copy of this comment.

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Eugene Patrick Devany, JD, MPA

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Posted // August 23,2012 at 11:23 - No thanks. I would perfer to get rid of the system all together. It is obvious you do not read the rest. I like the idea of change in the system altogether. Not just change with respect to taxes.

 

 
 
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