Sunday, April 17, 2011

A Plan to Balance The Budget

1. Abolish the IRS and Repeal All laws under Chapter 26 of the United States Tax Code. Replace it with the Following.
Subtitle A: Income Tax
All people earning money within the United States from a registered company or the government will be charged an income tax in the following brackets:
1. $0-$1000 0%
2. $1000.01-$5000 2%
3. $5000.01-$7500 5%
4. $7500.01-$10,000 7%
5. $10,000.01-$15,000 10%
8. $15,000.01-$30,000 12%
9. $30,000.01-$50,000 15%
10. $50,000.01-$60,000 17%
11. $60,000.01-$75,000 20%
12. $75,000.01-$100,000 25%
13. $100,000.01-$150,000 30%
14. $150,000.01-$250,000 35%
15. $250,000.01-$300,000 40%
16. $300,000.01-$750,000 45%
17. $750,000+ 50%

Subtitle B: Estate Tax
People earning money from wills etc. will be taxed the following amounts:
1. $0-$5000 0%
2. $5000.01-$75,000 5%
3. $75,000.01-$100,000 10%
4. $100,000.01-$125,000 20%
5. $125,000.01-$150,000 30%
6. $150,000.01-$500,000 40%
7. $500,000+ 50%

Subtitle C: Excise Tax
All Sales by companies in the United States and citizens within the United States will be charged a 4% tax. On-line purchases are not exempt. People in the United States buying from American companies will only be taxed once.

Subtitle D: Special Excise Taxes
1. Alcohol will have 11% added to the tax.
2. Tobacco and cigarettes will have 16% added to the tax.
3. Firearms will have 16% added to the tax.
4. Textbooks will not be taxed.
5. Purchases from a university will not be taxed.

Subtitle E: Financing of Presidential and Congressional elections
All candidates to an office of the President or a Congressional seat will not be allowed to have donations. This money will be raised by donations from people who want to fund campaigns. One quarter of the money will be divided equally among Presidential Candidates and three quarters of the money will be divided equally among all Congressional Candidates. It is a felony for someone to donate directly to a candidate and it is a felony for the candidate to accept the money. Those felonies are punishable by a fine of three times their allocated campaign funds, a five year prison sentence, disenfranchisement, and prohibition from public office for life.

Subtitle F: Current Subtitle I.

Subtitle G: Current Subtitle J.

Subtitle H: Current Subtitle K.

Subtitle I: Collection of funds
The collection of funds will be managed by the Internal Revenue Service which will collect taxes. They will be distributed to each branch of government as needed.

Subtitle J: Tax Breaks
Tax Breaks may not be made. Tax breaks are defined as a decrease in taxes for an act or use of money.

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