Gary Stein for Congress Fl., 20th District
From 2014: No income tax, or filing, on incomes under 500,000. A 50% flat tax on income over that - or 50 cents total tax - on $500,001 (or $250,000 on $1 million). For the few filers left, one deduction for charitable donations. A 10-12% national sales tax (NST) added to any state sales tax.
No Corporate Taxes: Bigger profits, more R and D, the end of most lobbyists, simplified accounting … AND higher stock prices: re-compensating 1) the bugaboo(d) “idle rich” collecting all those dividends and interest -then taxed at 50% on incomes over ½ million. 2) highly paid top management, who’d receive yet higher compensation, due to higher profits, then taxed 50% on personal incomes over ½ million, restoring to the Treasury lost corporate taxes.
Here’s the key. In my sweeping proposal, a re-invigorated/wealthier middle and upper middle-class pay ABSOLUTELY NO INCOME TAXES, just a consumption tax, or sales tax. We’d open small businesses, invest in stocks, drive up the valuation of everything, including big corporations, in a second round of driving up top managements compensations … taxed at yes, yes, yes: 50% (on personal income over half a million, with first half million free).
Raise the minimum wage to $12-14 an hour. No corporate or business tax means huge enterprises, like a McDonald's, and even the small businessman, can pay workers more.
I’m for Single Payer- or Medicare, Universal Health Insurance -and repealing Obamacare. Everyone would be covered and businesses would have no health care expenses. The POTUS supported Single Payer before he was lured by my Republican party into supporting things like a “mandate” to buy health insurance. Discombobulating Single Payer, “no corporate taxes” and a regressive NST (the poor pay disproportionately more sales tax, and are contributing to their health care costs) would take their breath away in Washington! (Single Payer is the government as health insurance provider/middleman). And why wouldn’t we R’s gleefully monitor and seek prosecution of medical insurance “waste, fraud and abuse"? Btw, "illegals" get caught up in this 10-12% NST (National Sales Tax) sweep too.
Stein for Congress calls on the CBO to crunch these numbers, and the call's been made. The richest 1% -THE ONLY ONES I'm suggesting pay any income taxes- the ones who already paying the vast majority of income taxes -observe that the poor are paying the NST -are assuaged. THE RICH ARE ASSUAGED! In the end everyone gets richer because EVERYTHING IS SIMPLIFIED.
A confiscatory 50% income tax on the affluent, combined with a “regressive” NST tax on the poor, is a wash/tradeoff. Everyone has “skin in the game,” taking us the next step: A Balanced Budget Amendment. I’m FOR it. Upward mobility ... everyone paying their fair share ... everyone with skin in the game.
In truth, this is one heckuva MASSIVE tax cut on the middle-class! A modest NST, but no income tax. Depending on spending habits, once food, shelter, transportation, education etc, are purchased and the NST paid, 99% of America could work a 2nd and 3rd job, virtually tax free –climbing their way to the $500,000 income tax threshold...