A Common Sense Fair Tax I can support

There is new pact out there for people like myself.  I have called the organizer of this pact.  I wholly support the Fair Tax Act written below.  I do not support the Fair Tax Act of 2003 written by John Linder, Congressman from PA.  His crap legislation is worthless and merely a regressive tax act.

This act below is a progressive tax requiring all of us to pay some of the cost of the federal government.  To date, I have not become a charter member of this Pact of new congressional candidates.  But I might if they keep using common sense as written below to make America a better place.

Fair Tax Act

Thursday, July 1, 2010 at 11:42am

112TH CONGRESS, 1ST SESSION, H.R. 4

To reform the income tax system, eliminate deductions, and implement scaled percentage increases with income capped fairly.

IN THE HOUSE OF REPRESENTATIVES, A BILL

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Fair Tax Act of 2011”.

SEC. 2. FINDINGS.

Congress finds that–

(1) Raising tax revenue as a method of providing services is a long-established principle of government on which our country was founded and sustained.

(2) It has become evident that the costs of services provided by our government have vastly outweighed the generation of tax revenue as our growing national debt has exceeded $13 trillion.

(3) While our bloated government must be reduced, the continuation of easing taxes on the wealthy elite simply will not generate the revenue or economic growth to defeat our crippling debt.

(4) We have seen the national debt dramatically increase since the late 1970s, and actions must be taken to ensure that the productivity of our nation, which is cultivated by our working class, is not inhibited through regressive and overburdening taxation.

(5) Increasing taxes on the lower earning class, as established by the Tax Equity and Fiscal Responsibility Act of 1982, and decreasing taxes under the Economic Growth and Tax Relief Reconciliation Act of 2001, fails to provide responsible tax policies that simultaneously reduce debt and promote economic growth.

(6) Current tax policies continue to enable the wealthiest individuals to evade taxation through unnecessary deductions so that our nation’s wealthiest individuals pay a significantly reduced percentage of their income.

SEC. 3. ELIMINATION OF DEDUCTIONS.

All tax deductions shall be permanently eliminated, removed from the tax process, and otherwise discontinued from use.

SEC. 4. TAX FORM.

Content appearing on income tax return forms shall not exceed one 8X11 inch page.

SEC. 5. TAX RESTRUCTURING.

Joint tax filing shall be removed from the tax process; all individuals shall file and pay income taxes separately. The income tax bracket, for the purposes of federal income taxation, shall be established as follows:

Marginal Tax Rate Individual Income

8% $0-$15,000
13% $15,001-$40,000
18% $40,001-$60,000
24% $60,001-$80,000
28% $80,001-$115,000
31% $115,000-$190,000
35% $190,001-350,000
39% $350,001+

SEC. 6. TAX CREDITS.

All tax credits available to taxpayers shall be streamlined to appear as selectable options when filing taxes.

SEC. 7. TAX CAP.

A maximum limit shall be placed on earners whose income applies to the highest tax bracket, which shall prohibit income tax increases from exceeding 40% of earned income.

I merely hope the consensus of the voters of the 3rd District agree with this simple tax reform bill.  Naturally, this only applies to federal income taxes.  There should be provisions in here to get rid of all the other federal taxes on individuals. 

Business and Corporate tax rates also need to be modified.  I support in addition, removing the cap on Social Security wages and income being lifted regardless of income to all.  No more regressive limits on the rich capping and limiting their social security payments.  Heck with that. 

Above is what is possible to make America a better place. 

There is so much that needs to be done.  The most important part is starting to bring about some common sense changes that are fair to all of us.

 Both the rich and the poor should be paying something into the federal income system.  But usually neither are.  Hence, why middle class America decided finally to do something about our federal, state, county and local government taxes.

Good.  No wonder the Tea Party Movement continues to gather some steam.  Time to brew some more tea.

tdus.