Taxation

It is my belief that taxes should be as simple as possible while still serving the public good. For many individuals and simple businesses, the federal income tax should be 20% of net income. For those of you who aren’t accountants, net income is simply the amount of money you have left at the end of the month after you have received all your paychecks and made all your purchases. In order to ensure that the tax is correctly paid, it would be implemented at the central bank level so that all conversions from US dollars into foreign currency would also have the tax. Certainly there are some complications to this in international law, but the purpose of this website is to provide ideas that others can refine. The benefit of this tax scheme is that low income individuals will owe no tax while ensuring that every dollar is taxed only as income.

Business taxation will start at this baseline with adjustments being made to help account for natural resources which rightly belong to all who inhabit Earth and not just the few who know how to turn those resources into a profit. For instance, a company mining iron rich minerals should be required to pay its proportional share of costs associated with sorting and recycling all iron products in the United States along with all the other companies in the mining and logging industries.

I realize that this does nothing to give those with extremely low wages social mobility towards improving their quality of life, but as subsequent posts will demonstrate in more detail, I tend to be a bit of a socialist so I don’t have a huge problem with the government acting as a buffer to keep employers and employees in comparable positions of power. Before you criticize me, please realize that most of us benefit from clean water and sanitary streets because there was public investment in water distribution networks and sewers that would have otherwise had slow returns on investment within the private sector.

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