FreedomIncomeTax

            Money Received x Tax Rate = Tax Payable

            (flat tax base)  x  (flat tax rate) = (tax predictability)
 

This income tax operates as a bank software program.
It benefits both the public and private sectors,
guts the tax code, and saves $540 billion per year.

 Demonstration

 Before debate on its merit, "dry run" practice simulations

 of this software program will be conducted to demonstrate:

          1.  The size of the tax base;

          2.  The tax rate needed for income tax revenue; and

          3.  How bank software will calculate, collect, and

               precisely account for this restructured income tax.

      These practice simulations will be perfected in one, then all banks.

Basics

1.   There is no filing, no reporting, and no paperwork.

       As money transfers through the banking system

       software calculates and collects this tax 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".

       Precisely accounted for by bank software,

       taxpayers now receive over $200 trillion annually.

             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 (1% tax rate) is $2.0 trillion in revenue,

       more income tax than generated through the tax code.

                  $       10,000  x  1%  =  $     100      $ one million  x  1%  =  $ 10,000

                  $     100,000  x  1%  =  $   1,000     $ one billion  x  1%  =  $ 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.

                 Freedom is our strength.  Freedom works.

                 RussellDucote@FreedomIncomeTax.com

          demonstration:   copyright  number/date TXu000864956/ 1998-07-17 USP&TO

          basics:                copyright number/date TXu000858392/1998-06-05  USP&TO

          Also reported in public records of Lafayette Parish LA revised 10/01/2012

          This presentation:  Dated 2/16/2013 298 words