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The 2% 200K Plan
Tax Reform Proposal Author: Liberty Fairbanks, November 4, 2011 Repeal federal income taxes. Replace it with a simple Net Worth calculation.
Premise: Federal taxes based on a households’ income has never been a good idea. The wealthy have lobbied to keep tax discussions focused on looking at percentage of income, with thousands of pages of tax code with massive deductions which only the wealthy can afford to participate in, thereby benefiting from deductions which average families cannot afford. The 1% and top 10% of wealthy people do not want taxes to be based upon actual wealth. Instead of income, the 99% should be telling government to tax based upon actual wealth, as determined by total net worth.
Proposal: Implement as federal law, a Net Worth Tax of just 2% of a corporate entities’ or households’ net worth of $200,000 or greater, while implementing a balanced budget law which forces Congress and the federal government to limit spending to no more than revenues collected, and also affirms that the federal government cannot raid the Social Security fund. Greatly reduce spending by the federal government, to eventually appropriate only necessary expenditures which are authorized by the US Constitution. As the balance sheet of the federal government improves by taking these steps, reduce the income tax proportionately, eventually eliminating the income tax entirely within four years. Remove the thousands of pages of tax code which create tax deductions. As the balance sheet of the federal government further improves, reduce, and eventually eliminate the Net Worth Tax.
Simple Calculation of the proposed Net Worth Tax:
Total Assets - Total Liabilities = Total Net Worth
Total Federal Tax = (Total Net Worth - $200k) x 2%
Applicability of the Net Worth Tax: All households and all corporate entities with Total Net Worth of $200,000 or greater. No other deduction beyond the first $199,999 of Total Net Worth.
Taxes based on Income is WRONG! Consider Net Worth.
Proposal: Repeal the Federal Income Tax. Replace it with a Net Worth Tax, and eventually repeal the Net Worth Tax once federal spending is greatly reduced.
Taxes should not be based on what you earned last year minus deductions found in the fine print of thousands of pages of tax code which most of us are not eligible for, but on a simple calculation of Net Worth.
New design, just Launched! Volunteer bloggers, reporters, and editors who are active regardless of political persuasion, please send news releases and editorials to GRASSER and ask to be set up with your own regular feature, by-line, and blog. See Contacts.
New as of August 2010! A social network set up like Facebook without all the privacy issues, where grassroot groups can network in order to organize and make a difference.
Let’s impose our own term limits! In a world where the two state-sponsored political parties are not doing right by America, and politicans are corrupt, we should be looking elsewhere. It is insane to continue to re-elect incumbent lawmakers, and it is also time to stop replacing them with other partisan loyalists.
Welcome home veterans! Thanks for your service!
Please support Americas veterans. Also, support active duty military. Fraudulent wars and foolish, protracted stays in order for well-connected associates of politicians to profit from lucrative no-bid rebuilding contracts which siphoned hundreds of billions from the Treasury, and the destruction of the economy for future generations, are NOT the fault of 99.9% of the military! Instead, if you must find blame, look to the greedy and traitorous war profiteers, the politicians who enable them, and, lastly, your neighbors who comprise both the socialist and the unsecular masses, who continue to elect and re-elect corrupt, statist politicians. The men and women in the military are required to follow all lawful orders. When the troops come home, you don't have to be a veteran to say "Welcome home! Thanks for your service." so please do. It will make a big difference as veterans join us in rebuilding America, and restoring freedom here at home. Also please support independent media, freedom of speech and your local musicians! Where would you be without freedom and music?
MASS PUBLIC DECEPTION BY FOX NEWS!
FOX is busted for yet another political deception.
RON PAUL is announced as winner of CPAC Straw Poll. FOX switches audience reaction from cheers to boos. Wake up! FOX is NOT a credible news source!
