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This income tax
operates as a bank software program. It guts the tax code, levels the playing
field, and encourages public and private sectors to pull
together on the same team.
www.FreedomIncomeTax.com
Money Received x Tax Rate = Tax Payable
(flat tax base) x (flat tax rate) = (tax predictability)
Five
Basics 1. There is no filing, no reporting, and no
paperwork. As money
is received by taxpayers through the banking system
this tax is calculated and collected in real time, with precise
accounting to the taxpayer and the government.
2. Taxable income, the tax base, is defined
as: "money received, from
whatever source derived".
Bank software is already
accounting for money received.
Taxpayers now receive
over $200 trillion per year.
Check and electronic receipts total 98% of money
received.
Cash receipts, most being quickly re-deposited, total 2%. 3. The tax calculation
is:
(Money
Received) x (Tax Rate) =
(Tax Payable)
4. The 1% tax
rate:
($200
trillion) x (a 1% tax rate) = $2 trillion per
year. $2 trillion exceeds
2013 federal income tax revenue. 1% tax on: Is:
$10,000 $100
$100,000 $1,000
$one million
$10,000
$one billion $10 million
5. This (flat tax base) x (flat tax rate) = tax
predictability.
This predictability
shall be the hallmark of U.S. taxation.
Legislation for any tax base exclusion, or any tax
rate increase,
shall require a 100% senate majority vote.
Practice
Simulations: Before formal
adoption, this software will be developed and operate only as
practice simulations in order to demonstrate:
1. The size of the tax base;
2. The sufficiency of the 1% tax rate; and
3. How this tax is calculated, collected,
and precisely accounted for in real time. These practice
simulations will be perfected in one,
then all banks.
Freedom
is our strength. Freedom
works. RussellDucote@FreedomIncomeTax.com 300
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