Here is a quickly sketched out idea for a progressive tax system based on the original flat tax idea in 1982. This would theoretically bring the lower class to the middle class, the upper class to a slightly less rich upper class, and the middle class to a higher middle class. Large businesses will loose money, to avoid this prices will go slightly up, however, demand will go way down, forcing businesses to put their prices back down.
austinmulka.blogspot PFT 1 – Progressive tax
Reform bill.
____________________________________________________________
Bill purpose: To construct a tax system based upon the original premises of the first proposed flat tax rate in 1982, to create jobs, to modify rules of and assure the declaration of gross income deduction. To create a progressive tax based upon income deduction, to avoid jobs being shipped overseas. To illuminate the differences between large and small companies and explain the need for progressive tax.
Progressive Flat Tax Forum(s)
Forum 1 Large Business Tax (example) for income 5,000,000
or less.
Business Name ________________ Employer Number
_____________________
Location address ________________City/State Zip
Code__________________
County_______________
A.
Gross income
from sales ________
B.
Costs
1.
Purchases of
goods and services _____
2.
Wages, Pensions,
worker salaries _____
3.
Purchases of equipment,
land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (15 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (15 percent on companies in the U.S.)
J.
Sales tax on company
products who have subsidiaries in foreign countries (15 percent)
K.
Total Tax minus
sales tax(J) _____________
Forum 2 large Business Tax (example) for income of 5,000,001-15,000,000
A.
Gross income
from sales ________
B.
Costs
1. Purchases of goods and services _____
2. Wages, Pensions, worker salaries _____
3. Purchases of equipment, land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (20 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (25 percent on companies in U.S.)
J.
Sales tax on company
products who have subsidiaries in foreign countries (17.5 percent)
K.
Total Tax minus
sales tax(J) _____________
Forum 3 large
Business Tax (example) for income of 15,000,000 or more.
A.
Gross income
from sales ________
B.
Costs
1. Purchases of goods and services _____
2. Wages, Pensions, worker salaries _____
3. Purchases of equipment, land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (25 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (30 percent)
J.
Sales tax on company
products who have subsidiaries in foreign countries (25 percent)
K.
Total Tax minus
sales tax(J) _____________
Forum 4 small business tax (example) for income of
100,000 or less.
A.
Gross income
from sales ________
B.
Costs
1. Purchases of goods and services _____
2. Wages, Pensions, worker salaries _____
3. Purchases of equipment, land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (7.5 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (30 percent)
J.
Sales tax on company
products who have subsidiaries in foreign countries (25 percent)
K.
Total Tax minus
sales tax(J) _____________
L.
Forum 5 small business tax (example) for income of 250,000-500,000
A.
Gross income
from sales ________
B.
Costs
1. Purchases of goods and services _____
2. Wages, Pensions, worker salaries _____
3. Purchases of equipment, land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (10 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (N/A percent)
J.
Sales tax on company
products who have subsidiaries in foreign countries (N/A percent)
K.
Total Tax minus
sales tax(J) _____________
Forum 6 small business tax (example) for income of 1,000,000+
A.
Gross income
from sales ________
B.
Costs
1. Purchases of goods and services _____
2. Wages, Pensions, worker salaries _____
3. Purchases of equipment, land, etc. _____
C.
Total Costs
______
D.
Income available
to be taxed. _________
E.
Tax (10 percent?)
___________
F.
Tax loss Carry
Forward (or tax loss Carry Back)
G.
Interest on net
operating loss of carry forward (or carry back) (10 percent)
H.
Carry forward for
next year_______
I.
Foreign subsidiaries
tax (N/A percent)
J.
Sales tax on company
products who have subsidiaries in foreign countries (N/A percent)
K.
Total Tax minus
sales tax(J) _____________
Forum 7 Individual tax rate (example) for income of
60,000 or less.
A.
Salary + Wages
______
B.
Pensions ______
C.
Total_______
D.
Tax Allowance
1.
Married (10,000)
2.
Single (5,000)
3.
Single head of
household (8500)
E.
Number of dependents
____
F.
Allowances for
dependents. (Allowances multiplied by 2,100.)
G.
Total allowances
(D + F) ______
H.
Total tax wage_______
I.
Tax (10 percent
of H)____
J.
Tax by employer______
K.
Tax due ________
L.
Refund_________
Forum 8 Individual tax rate (example) for income of
60,001- 100,000
A.
Salary + Wages
______
B.
Pensions ______
C.
Total_______
D.
Tax Allowance
1.
Married (9,000)
2.
Single (4,500)
3.
Single head of
household (8000)
E.
Number of dependents
____
F.
Allowances for
dependents. (Allowances multiplied by 1,800.)
G.
Total allowances
(D + F) ______
H.
Total tax wage_______
I.
Tax (19 percent
of H)____
J.
Tax by employer______
K.
Tax due ________
L.
Refund_________
Forum 9 Individual tax rate (example) for income of 100,001
or more.
A.
Salary + Wages
______
B.
Pensions ______
C.
Total_______
D.
Tax Allowance
1.
Married (8.000)
2.
Single (3,500)
3. Single head of household (7,000)
E.
Number of dependents
____
F.
Allowances for
dependents. (Allowances multiplied by 1,500.)
G.
Total allowances
(D + F) ______
H.
Total tax wage_______
I.
Tax (25 percent
of H)____
J.
Tax by employer______
K.
Tax due ________
L.
Refund_________
1. Reduction in marginal taxes
2. Eliminate the ability to pay taxes overseas
through tax loopholes by forcing a sales tax on companies.
3. Tax on capital gains
4. Insurance and medical benefits will be added to
taxable income.
5. Cap on interest deductions
6. Eliminate any state or local tax deductions on
income.
7. Eliminate capital gains tax on stock market.
8. Gradually increase taxes on companies who have subsidiaries.
Price will go up, demand will go down, price will go back down, demand will go
back up.
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