A fair tax code should generate adequate tax revenues for the nation to meet its long term obligations both here and abroad.
It should also be designed to encourage investment into America’s future and not be sold off to the lowest bidder.
First and foremost, corporate tax loopholes must be entirely eliminated from the tax code. A flat 25% corporate tax rate is a good start.
A onetime 15% flat tax on repatriated dollars, with a 6-month window, afterwards, taxed at flat 25%.
A $50,000 annual assessment to corporations per each H-1B visa employee.
Worker-owned cooperatives and industries dedicated to the promotion and implementation of renewable energy would be taxed at 15%, and other eligible deductions.
New start-ups of 10 or less employees would operate tax-free for the first 3 years of operation. (see ‘Free for 3’ plan)
Zero taxes for household earning less than $20,000 per year (from all sources).
10% tax rate between $20,001 to $49,999 and includes standard deductions.
20% tax rate between $50,000 and $250,000 on earned income, 10% on passive income and includes standard deductions.
30% flat tax on all earnings more than $250,000, 15% on passive income – no deductions.