10-15-1 - A New Tax Plan

In my book I briefly reviewed a new tax plan. Here I will present this plan in greater detail.

10-15-1

10%
Individuals and corporations earning up to 1 million dollars would be taxed at a flat rate of 10% of income.

Most deductions and credits would remain in place, e.g. real estate, tuition credits, energy credits, interest payments and standard deductions for small business (up to 1 million annual revenues).

15%
Individuals and corporations earning over 1 million dollars annually would be taxed at 15% with fewer deductions and credits allowed.

Exactly what credits and deductions would be changed or modified would need to be left to Congress, but No increase or additional deductions or credits would occur.

1%
A nationwide 1% sales tax would be implemented. Food, rent and mortgage and basic necessities would be exempted.

I believe that, in conjunction with the elimination of most tax subsidies - if not all - and the implementation of a balanced budget this plan would go far to easing the debt and ensuring economic growth and stability.