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Tax Ideas Submitted by the Public
| Row number | Name | Organization | Type of Organization | Comment | Attachment |
|---|---|---|---|---|---|
| 251 | Matthew Stresing | None | Individual | Simple. Flat tax. EVERYONE pays their fair share in accordance with their income. | |
| 252 | Matthew Sutter | self | Individual | Mr. President, Please investigate the FairTax. I believe it would benefit our country greatly. Thank you. | |
| 253 | Matt Lykken | SharedEconomicGrowth.org | Non-profit Organization | Please consider the Shared Economic Growth proposal, explained in detail at www.sharedeconomicgrowth.org. The full draft bill and bill summary are available on request (the web site would not in fact accept the 5 page Word attachment). The proposal consists of a corporate dividends paid deduction with certain highly affordable offsets, leaving the balance of our current tax system in place - a radical improvement in the attractiveness of America as an investment location, without a radical or risky change to our overall tax system The following is just a partial list of the benefits of the Shared Economic Growth proposal: > It would maximize America’s competitive ability and allow corporate cash to flow into our economy. While Congress has been struggling to reduce our corporate tax rate to the 28% range in a revenue neutral manner, SEG would effectively reduce it to zero. By using offsets that are only feasible with a dividends paid deduction, it does this while staying revenue neutral on a static basis in the short run, and strongly revenue positive as the baby boomers retire. > It would help to close the tax gap, giving corporations incentive to maximize the income allocated to the U.S., undermining the incentive to engage in corporate shelters, and eliminating a major category of individual shelters. This would produce free revenue and would enable reallocation of IRS resources to under-audited areas. > It is simple and low risk. It is a 3 page bill (attached) that leaves the existing tax system intact, unlike consumption tax proposals – and it still leaves room for imposition of a VAT. By reducing the stakes, it would also set the stage for sweeping simplification of the corporate tax system and the taxation of individual investment income. > By providing a one-time boost of up to 54% in the value of U.S. equities, it would restore solvency to state and private pension plans and reward middle income savers – and provide future revenue ($22.2 billion computed on a static basis for the 2006 numbers) as retirees collect their enhanced or preserved retirement income. > By providing a tax incentive to locate high margin operations in the U.S., it would restore market power to U.S. employees, using a market mechanism to reverse the flat-lining of U.S. incomes and the unhealthy concentration of wealth at the top. (Cf. Goolsbee, A. "Investment Subsidies and Wages in Capital Goods Industries: To the Workers Go the Spoils?"; Nicodeme,G. "European Commission Taxation Paper No. 15: Corporate Income Tax and Economic Distortions".) > It would eliminate the disparate treatment of debt and equity, undoing the incentive to over-leverage corporations and increasing focus on reliable cash income. > By eliminating stock buy-backs it would stop a hidden and unjustified driver of executive compensation, forcing management to achieve real income growth in order to be rewarded. > While it is not a Robin Hood proposal, it would increase the progressivity of the U.S. tax system, while more importantly boosting employee market power. > It is designed by experienced corporate tax attorneys, has been favorably received by corporate tax VPs, and would receive quick acceptance and support by the corporate community. > Because the proposal would effectively eliminate a tax that economists of all stripes believe to be economically harmful, if every other country “retaliated� by making the same change, the world economy and the world’s wage earners would benefit. | |
| 254 | Matt Wilkerson | Americans for Fair Taxation | Non-profit Organization | I respectfully request that the President's Economic Recovery Advisory Board consider all or part of the Fair Tax plan (H.R. 25) as a viable tax reform measure. The Fair Tax accomplishes many of the stated goals for PERAB, energizes the domestic economy and sets the country on a path toward an entirely new level of global competitiveness - making the most of what America has to offer. Re-establishing the U.S. as the clear, long-term economic leader of the world has immense value both in terms of domestic prosperity and in terms of international influence - both at the official foreign relations level as well as at the commercial level. The Bush administration did review the Fair Tax plan, but made several significant, invalid assumptions regarding tax deductions and public motivation. Their assessment was inaccurate and lacked the vision required to see the plan for its intended value. Thank you in advance for your consideration. Respectfully, Matt Wilkerson | |
| 255 | MAurice A. Wolf | U.S. Citizen | Individual | The President during the political campaign gave me the impression that we should pay taxes according to our means. I also believe that a top tax of 50-75% on the very wealthy is not unfair as they the wealthy basically earn thier income off the backs of the middle class and the poor. They should give this surplus income back to the middle class the poor in the form of i taxation according to ones means. I don't believe that the wealthy are going to stop producing wealth because taxes are too high. I am not saying that we should not have a wealthy class, it is the way the world works but to have the wealthy disgustedly rich and we should have people living on the streets and people, our brothers and our sisters, living without proper medical, without food, clothes and proper shelter makes me ashamed for the Unioted States of America. The same also applies to medical insurance. We need infrastrustructure, medical protection. We all use it. Why should not all pay according to our means. The answer mr. President is that we are run by a congress of multi millionaires or about to become multimillionaires who are more interested in making more and more money; rather than healping the people of the United States of America. I am my brothers keeper. Look at my tax return. Respectfully submitted Maurice A. Wolf | |
| 256 | Me | None | Individual | Flat tax on all personal income, including investments, all at the same rate. One flat-rate "cost of living" deduction (some percentage of the poverty line, for instance - 150%, maybe) for each person (adult or child) included on the tax return. No other deductions of any kind at all. None. Zero. Nothing. Corporate tax? Um, why? Any profits the corporation makes will be taxed as personal income when the profits are passed to the stock-holders. No funny numbers, no books to cook. Tax the profits as standard income WHEN THEY BECOME someone's income. Done. Majorly simplified, MUCH MUCH MUCH easier to enforce (nowhere to hide the money), still "regressive", and not likely to increase taxes for the vast majority of people making less than $250,000 a year. | |
| 257 | melva anderson | Fair Tax volunteer | Individual | I believe The Fair Tax is the only alternative to replace the present income tax system. I have read about other alternatives like the VAT tax but that only hurts american families and does nothing for the economy. The Fair Tax is the only tax that taxes consumtion instead of hard work and is truly fair | |
| 258 | Michael A. Talbert | IRS - retired | Government | The path to simplification is repealing a lot of unnecessary IRC sections. Here is but a partial listing of sections to repeal: 1. IRC 1231 which will make IRC 1245 and 1250 unnecessary. 2. IRC 199 - lower the tax rate to compensate for elimination of this deduction. 3. All nonrefundable credits - IRC 21 through 30C with the exception of the IRC 27 foreign tax credit. 4. All Business Related credits - IRC 38 through 54, including the minimum tax credit. 5. Repeal the minimum tax - IRC 55 through 59. 6. Repeal the favorable tax rates for dividends and net long-term capital gains - IRC 1(h). Tax all income from labor and capital the same. This would make all sections dealing with the distinction between ordinary income and capital gains unnecessary. Compensate for this elimination by allowing all income to be AVERAGED under the old and now repealed rules of IRC 1301- through 1305. 7. Repeal IRC 2(b) - head of household. 8. Consolidate all education expenses in one deduction FOR AGI or above the line. 8. Simplify the depreciation rules by mandating straight-line depreciation for all depreciable assets and repeal IRC 179 and 280F. 9. Repeal 1031(a)(3) dealing with deferred exchanges 10. Repeal the IRC 408A Roth IRA and allow everyone to contribute to a deductible IRC 408 IRA regardless of plan participation. | |
| 259 | Michael Bindner | Iowa Center for Fiscal Equity | Individual | Comprehensive Tax Reform should be considered sooner rather than later, as it will impact the acceptability of health care reform. I strongly urge you to move consideration up from December. The key to tax reform should be easing the burden on individuals to file. Employers already have a large paperwork burden and they already write the checks. The most obvious reform simply shifts the annual reporting obligation from the individual taxpayer to the employer, who already provides limited information and the majority of collection. The easiest way to do this is to broaden the Corporate Income Tax to include the taxation of wages and expanding payment to all forms of business ownership - with separate forms and filings for personal and business income taxation. All payroll taxes could be included, with the exception of Old Age Insurance and the portion of Survivors Insurance which go to retirees. For both employees and employers, this amount is roughly equal to 5.2% of payroll under the income cap and 2.9% of payroll over the cap. The resulting Business Income Tax would include the funds currently collected under Corporate Income Taxes, non-retirement payroll taxes and all personal income taxes collected at or below the 25% rate, including the first 25% of the higher 28% (permanent 31%) and higher rates, leaving tax rates of 6%, 11% and 14.6% (assuming use of the rates in permanent law) for high income individuals. A value added tax would reduce the rate charged to employers and bring some awareness of taxation to most people. Enacting any tax reform without such visibility will be a non-starter for most people. This plan is similar to the Value Added Tax (VAT) proposals of Professor Michael Graetz of Yale and Len Burman of the Tax Policy Center of Brookings/Urban, except that expansion of the Business Income Tax will require no new infrastructure to implement. Inclusion of a VAT component, where the VAT tax is listed in the purchase price and the BIT is left undisclosed, allows collection of a lower BIT, allows exporters to avoid paying taxes for services which benefit domestic consumers and assuring that all citizens are aware of a tax obligation (which serves as a disincentive to demand further spending. I recommend that the VAT be set in the 5%-15% range and be dedicated to CONUS, Alaska and Hawaii military expenses, veterans affairs and non-entitlement domestic discretionary spending. For high income individuals, a residual income surtax should be retained, which should include inherited income (but not inherited property until it is liquidated). The tax exemption for personal income tax would be raised to $75,000 for individuals and $100,000 for families to assure that only high income individuals pay these levies. This surtax serves the interests of both progressivity and privacy, as it allows higher income individuals to keep some information on their incomes from their employers. Most employees would no longer file taxes under this scheme. Rather, employers would send notices to each employee informing them of the credits taken in their names for verification. The Internal Revenue Service (either federal or state) would generate a companion notice based on the employers filing, which would also be sent to the employee so that the two may be compared. Employees will be advised to contact the I.R.S. if the amounts do not match, particularly if the employer claims more to the I.R.S. than is actually paid. The Government will then make up the difference and bill the employer, with penalties. This also provides a partial check against systematic fraud, as returned notices would be investigated, as would multiple notices going to the same address. Various taxes should fund various activities. The VAT should fund domestic military and civilian non-entitlement spending. The business income tax would fund all entitlement spending, including military retirement, including health care reform costs and to include offsets, such as the distribution of an expanded Child Tax Credit (which would replace the exemption for children, the EITC, the mortgage interest deduction and the property tax deduction and thus be revenue neutral). If the Administration, the pro-life movement and Catholic Democrats are really serious about reducing abortion, the Child Tax Credit could be greatly expanded to $500 per month per child or dependent spouse/parent. This would lead to an increase in pay for poorer families and a shifting of how wages are distributed between tax benefits and base pay for higher income individuals, with a slight income loss for childless workers. Note that this change should also include a dramatic increase in the minimum wage, so that no worker is paid primarily by the Child Tax Credit. The income surtax would fund net interest, debt repayment (especially to the Social Security Trust fund, IMF debt forgeiveness), overseas deployments and naval sea operations. | |
| 260 | Michael Feeney | Marks Building Systems | Business | No cut off limit for SS Taxes, lower the % to 5% and reducted the % to 3% after earning exceed 300,000. Lowering the % will help the lower income. Lower the Corporate take rate and do away with the Sub-S classification.Start a FLAT tax. No deductions, just a flat tax for all income. | |
| 261 | Michael Gaspard | self | Individual | To collect unpaid taxes, the IRS in part relies upon debt collection agencies, who are then paid more than 20% of what is collected. And billions remain uncollected each year. Instead, why not rely upon the local police to knock on debtors' doors? (Why not handcuff the perpetrators?) Pay the 20% of what is collected to the local police, rather than to debt collectors. If the local police were to get involved, then, would billions remain uncollected each year? Unlikely. And money would be saved. | |
| 262 | Michael Kukreja | Self | Individual | The United States is the ONLY country in the world that globally taxes its citizens, regardless of residency. US Citizens whom live overseas suffer economic hardship compared to their fellow expatriate non-US Citizen colleagues through the double taxtation. The double taxation discourages foreign employers and also foreign Subsidiaries of US companies from hiring Americans with better skillsets that Australians and British Citizens, whom are not subject to any global income tax reporting. Employers are discouraged as they feel they will need to pay a higher gross salary to assist the potential US emloyer in overcoming the hurdle rates/ cost of living adjustments that are in place in such cities as Hong Kong, Singapore, Shanghai, London and Tokyo. The US needs to lead by moral and ethical standards. US Citizens not a burden on the United States, not utilizing US or one of the 50 states services/ facilities/ ports/ roads etc and not permanently residing in the US for more than a set number of days per year (i.e. 3 months) should be exempt from paying US income tax. We live overseas. We pay the local tax for the services we use. We should be forced to live below the standards of our peers just because they carry a passport that is different than ours. We, the overseas American who works in the private sector is the nation's first and foremost frontline ambassador of United States to the world and its other nations. It is us whom have to bear the public backlash and burden of the decisions the American Government makes. We get the abuse. We take the blame. And in addition, we live poorer than our peers. If I and my 4 million other overseas Americans came home,, just to escape the double tax and utilize the services we currently pay for but don't use (i.e. Schools, Roads, Police etc) what type of burdendo you think we would be on the country? 4 million extra Americans. Approximately 50% of them needing to work. Another 2 million Unemployed. Think about it. And it is for all these hardships, you must remove global taxation. And you must do it now, before Senator Grassely forces us all to renounce our citizenships, or come home to be a burden on the country (by increasing unemployment even more). | |
| 263 | Michael Looker, CPA | self | Individual | Save the economy $230Billion every year by using the Fairtax system. This is one simple national sales tax of about 23% to replace all other taxes. See Fairtax.org and comments by Mike Huckabee and others. | |
| 264 | Michael Seden | Individual | Individual | The Fair Tax Bill H.R. 25 will solve our economic problems (except increased spending) Social Security and Medicare will start to operate in the black within 5 years. The Prebate will reform Medicare. People will have more money to buy health insurance. Everyone (including illegals and criminals) will pay taxes.Major finding. Their model shows that the FairTax will have a significant and positive impact on the US economy. Domestic Investment – The FairTax has an immediate and significant impact on investment, raising it 33% above what would occur under the current system. By year 10, total investment is estimated to be over 41% higher. GDP growth with the FairTax is 11.3% higher than under the current tax system. Productivity is expected to increase as a result of higher investment. If higher investment causes a .25% increase in productivity growth, total GDP in year 10 would be 19.l4 percent greater. If we add in a reduction in efficiency costs GDP growth would be 16.3% above that expected to occur with the current system in place. The combined effect of these two changes (.25% increase in productivity growth and reduced efficiency costs) results in GDP up to 24.4% greater than under the current system by year 10. Employment - Higher take home wages lead to total employment growth of 3.5% greater than under the current system. By year 10, total employment is 9.0% greater. Wages - Total labor income is 27.4% higher in the first year. By year 10, labor income is over 41% higher. Income - Disposable personal income is 1.7% higher in the first year and by year 10 is 11.8% higher (even after adjusting for a one-time increase in the price level when the FairTax is implemented) Consumption - will be 2.4% higher than under the current system in the first year alone. The increase in consumption arises even though total savings in the economy increases, due to the growth in wealth and international capital flows. The US will attract significant foreign investments. Stock market - The value of equities markets will increase by at least 11.35% in response to the repeal of the capital gains and dividends taxes. Housing - The value of the housing market will increase by 2.2% due to lower interest rates increasing housing affordability despite the elimination of the mortgage interest deduction. Their mode3l shows interest rates declining by 90 basis points. | |
| 265 | Michael Williams | North American Equipment Dealers Association | Association | Please accept the attached document as our comments for consideration by PERAB concerning tax policy options. Thank you. | http://www.whitehouse.gov/assets/formsubmissions/109/dd65ed7cc76042e6863d44f5054894dc.doc |
| 266 | Midiala Lokpez | individual | Individual | Accordig to the US Census Bureau the US population is 307,541,702. If the US Government issues each person a check for a million dollars, that will definately be an automatic start up for the economy. It will also save BILLION AND BILLIONS of tax payers money. Foreclosures will stop because people would be able to pay their homes. People will buy cars, clothes, remodel homes, etc. Unemployment will not have to be paid because with a million dollars people would be able to survive many simply things in life. One perfect example is Bank of America. They received $45 Billion to help their customers, but instead, they have purchased a bank in China, purchased Merryl Lynch, purchased Countrywide, and lets no forget all the excellent bonuses they have given out. So, what have we solved with this, absolutely nothing. We still have foreclosures left and right. People are suffering depression because they cannot buy simply things like food or pay medical bills. With less than $45 billion dollars the economy would have taken care of itself, the Obama Adm. would have looked like heroes and we all would have been super happy to be able to buy an ice cream for our kids. Now that is what I call smart thinking. I trully don't understand how can so many people with PHD's get together in one room and they cannot come up with a logical solution to one simply problem, instead of wasting away tax payers money that is not helping the people at all. One million for each legal person would make only $307,541,702.00 now that is saving money, fixing our economy ASAP and making many people happy again. Savings Banks, giving money to large companies, and unemployment money is not solving anything. Unemployment money cannot even pay the rent, 90% don't qualify for food stamps, and here in Miami we have 10.7 unemployment rate. Now what do think about my solution? The only thing that would qualify you for this money would be lagal us residence. Meaning US Citizens and legal residence ONLY. Elligal residence should not qualify. Also, this money should be tax free in order to provide full use of the 1 million dollars. It would all go back to the economy anyways. For example in my case my home is from 1969 and I have lots of things I need to upgrade. One of those things is my kitchen. So in hiring a carpenter I'm providing work for an individual and I'm purchasing appliance in a store. My husband and I have also been with one car for almost one yr. So I would contribute to the economy by purchasing him a small truck for his job. I would also save money and of course the bank will also be making money from me. I would probably invest some of the money or maybe go on a little vacation so I will be contributing to the economy in many ways. This would be for sure a way to start the economy. It would be great if this disicion can be played with or maybe even approved for next year. This idea is logical and it makes total sense for many people I have spoken to. The US is in major trouble because things are not getting better, and crime is getting worse. Crime will also deminish because people won't have the need to rob anyone else for money. They won't have the need to sell drugs or weapons to make a fast buck. A lot of things would take care of them selves with my idea and not to mention the savings of BILLIONS AND BILLIONS of dollars. The Obama Adm wants ideas, OK here is a great one!!!! | |
| 267 | Mike and Marian Warlick | Americans for Fair Taxation | Non-profit Organization | Enact HB25/S296 - the Fair Tax bill. Any attempts to revise or amend the already hopelessly complex and convoluted, irretrievably broken income tax sys~tem will only lead to more lobbyists, more money wasted by both businesses and individuals on compliance costs, and more businesses being driven offshore to avoid our punitive tax code. READ The FairTax Book by Neal Boortz and Congressman John Linder and its sequel The Truth About FairTax. READ the bill. Go to www.FairTax.org. FairTax, with its monthly "prebate" based on household size, offers the greatest benefit to low and middle income taxpayers/families by refunding taxes paid for necessities, up to the poverty level. The tea party rallies and similar efforts highlight the problem. FairTax offers a solution. Thank you. | |
| 268 | Mike Finch | None | Individual | I think that it would be a good idea to require high government officials like cabinet secretaries and congressmen to pay their taxes. As a lowly private citizen, I am sickened that the big wigs aren't required to pay the very same taxes that I am required to pay. I support yearly audits of all government big wigs and prison terms for any that are found to have made more than a $100 mistake on their taxes. | |
| 269 | Mike Huckle | none | Individual | Eliminate income taxation and replace it with an INCLUSIVE consumption tax based system. Please consider the HR25 FAIRTAX plan that is before Congress. This is what America is DEMANDING: no federal income taxes, no payroll taxes, no self-employment taxes, no capital gains taxes, no gift or estate taxes, no alternative minimum taxes, no corporate taxes, no payroll withholding, no taxes on Social Security benefits or pension benefits, no personal tax forms, no personal or business income tax record keeping, and no personal income tax filing whatsoever. THANK YOU FOR CARING. | |
| 270 | Mike Jaeger | Families for Truth | Individual | National Telephon - Budget Goals are set by congress and the White House. A Very Big 7 Day Telephon Extravaganza is set for April 1 -7 2010, "Freedom For America" , is stagged as an event to end taxes. The budget catagories are Revealed. Tax payers are told that if the telephon fundscan meet the budget... 2010 taxes are forgiven. If the funds are short taxes are reduced to cover only the shortfall. This will raise national moral 1000%. Sy Mike. | |
| 271 | Mike Jaeger | FamilIes For America | Individual | - Integrity Starts at the Top - The truth is not above anyone. JFK - Bobby - Obama & Paul - They all want the truth to be our ruler. The "Sound of Music" - Dr. Ron Paul is telling the truth again. Today in congress he sang Doe Rae Me End The Fed Now | |
| 272 | Mike Kieffer | Resident of the US | Individual | I think we should just make a flat tax. Remove all of the exceptions and crap and just make it a % of your salary no matter how much you make. And make the % the same for everyone. But then again, that would make one of the biggest industries go out of business. Namely the government created industry called the IRS. | |
| 273 | Mike Vogelman | AB Courier | Business | You want real tax reform? You have to create a system that get's rid of ALL loopholes and makes NO judgments. You make X dollars in income, you are taxed that amount at Y%. The ONLY variable is how much income you received that year, no matter how it is received. Get rid of the deduction system as it is a pointless system that biases rich people who can afford tax experts to help them find loopholes. | |
| 274 | Monica McGuire | R&D Credit Coalition | Non-profit Organization | On behalf of the R&D Credit Coalition, an informal policy group that has existed for longer than a decade advocating a strengthened, permanent federal R&D tax credit, submits a statement to the Tax Reform Subcommittee of PERAB. Submitted by Monica McGuire, National Association of Manufacturers (NAM), who serves as the Executive Secretary of the R&D Credit Coalition. | http://www.whitehouse.gov/assets/formsubmissions/109/ef2b6bf84100480bb05d30c4e48a0742.pdf |
| 275 | Ms. Jade West | The LIFO Coalition | Association | Please see our attachment. | http://www.whitehouse.gov/assets/formsubmissions/109/979b58d5bde541e98282adf0c8acf2fd.pdf |
| 276 | Nancy Wrick | Student | Individual | I am currently in a macroeconomics class at Waynesburg University in Southwest Pennsylvania and in my last class we had a discussion about how it seems people are taxed on things more than once. For example, a person gets a paycheck and taxes are taken out, that person goes and buys lumber, to say, build a deck on their home, they have to pay taxes on those materials. Then, because the value of their home increases they now have to pay higher taxes on their property. I would like to ask you to keep in mind, that as a hard working lower-middle class American, I already feel a heavy burden from taxes. | |
| 277 | Neil Putz | None - Individual | Individual | Please see attached Word document. | http://www.whitehouse.gov/assets/formsubmissions/109/e64b14aa17774d0b8352c92842e250bb.doc |
| 278 | Oakey Crider | Concerned Citizen | Individual | Simply remove all second job deductions from those whose gross incomes are over $250k. No exceptions please. Thank You | |
| 279 | Pamela Johnson | non | Individual | the best way to help with the economy of this country is to get rid of the IRS and install the fair tax. Thank you, Pamela Johnson | |
| 280 | Patrick Earnest | No Organization | Individual | There are three ideas for tax reform I believe PERAB should consider. The first idea is increasing the exemption for individual taxpayers to be more in line with its historical origins. In 1918, only 5 percent of the population paid income taxes and yet the income tax funded one-third of the cost of World War I. One way to both simplify taxes for many and increase compliance would be to increase the individual exemption so that the average taxpayer would not need to file a tax return every year. If the individual exemption was set at the national median income, the amount of income taxes collected would fall by about 1/5th, while the number of taxpayers no longer having to file would fall by half. The fall in income taxes collected could be offset by higher tax rates on higher brackets, and some of that income tax collection reduction would be offset by the increased economic activity due to the large tax cut on a segment of the population more likely to consume. The second idea is to cease taxing capital gains or dividends at different rate, and tax all kinds of income under the same scale. Instead of paying separate tax rates on capital gains, both wages and capital gains would be lumped together as income. Whether you earned $25,000 in wages and $25,000 in capital gains, or $10,000 in wages and $40,000 in capital gains, it would all be treated as $50,000 in income. This would cease favoring income from investment under the tax code, and instead treat low capital gains income the same as low wage earners. Combining this second idea with the first would maximize the effects of both of these efforts. Neither low wage earners nor low capital gains earners should be taxed at high rates if that is all the income they have. Instead, we should only tax individuals at higher rates if their total income is higher, and not just base it on the kind of income it is. The third and last idea I believe PERAB should consider is either reducing the number of tax brackets, or creating more new tax brackets on the extreme upper end of income distribution. Because there are differing sensitivity to income taxation, the Board should consider whether the current tax brackets take that sensitivity into account. With $372,950 being the beginning of the top tax bracket, that fails to take into account that insensitivity that ultra-high income individuals exhibit to increases in income tax. Perhaps a 50% tax bracket could begin at the $20 million income mark, but a higher tax bracket should be considered starting at the top 0.1% income of all taxpayers. Thank you for your consideration of these reforms. | |
| 281 | Paul Kelley | FairTax | Business | I would like to see the FairTax passed in to law and the 26th amendment repealed. The FairTax has had millions of dollars spend studying the impact and implementation. As the name implies it is a fair tax. You buy a good or service you pay tax wheather you are a prostitute not claiming income or illeagle not claiming income or paying taxes to a tourist. Everyone pays tax at the point of sale. There is also a prebate to assist those making less than the poverty level. Please pass the FairTax in to law. H. R. 25 pass it in to law and repeal the 16th amendment. | |
| 282 | Paul Larson | none | Individual | Please consider the fair tax. Sorry for not providing my email and phone number but given your track record so far... well, you know. Seriously though, I feel like our current administration is at least pretending to want to listen to the people. If there's even a shred of truth to that, PLEASE finally give the fair tax a fair consideration. | |
| 283 | Paul M. Noyes | Individual | Individual | Over the years, I have studied many proposals for tax reform. The one that makes the most sense is the Fair Tax proposed by my congressman, John Linder. I urge you to study this proposal more closely. | |
| 284 | Paul Rish | Citizen | Individual | I believe that the fair tax would be the best way to go. It will make the US an economic power house once again. It would be the fairest way to raise money for the U.S. Government. I would vote for anyone supporting the fair tax. | |
| 285 | Peg Livingston | SELF | Individual | Tax reform? How about making EVERYONE pay their fair share of Social Security tax on ALL their income - including those who make OVER $110,000 per year. To cut off the SS tax from those people is what is putting SS and Medicare and everything else involved about to go bankrupt!!!! Now - as for FORCING everyone to BUY health insurance - what about those of us who HAVE NO INCOME ???? HOW are we supposed to pay for health insurance or auto insurance or anything ELSE ??? Are we supposed to just lay down and DIE ?????????/ Guess that's what will happen. | |
| 286 | Pete Koutoulas | None | Individual | It is time to adopt the Fair Tax (www.fairtax.org). Just like we need bold, decisive action on climate change and on health care, we need much more than a band-aid fix for the antiquated, overly-complex beast that has become our tax system in the U.S. The Fair Tax is a comprehensive proposal that replaces all federal income and payroll based taxes with an integrated approach including a progressive national retail sales tax, a prebate to ensure no American pays federal taxes on spending up to the poverty level, dollar-for-dollar federal revenue replacement, and, through companion legislation, the repeal of the 16th Amendment. This nonpartisan legislation (HR 25/S 296) abolishes all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare, self-employment taxes and replaces them with one simple, visible, federal retail sales tax administered primarily by existing state sales tax authorities. The IRS is disbanded and defunded. The FairTax taxes us only on what we choose to spend on new goods or services, not on what we earn. The FairTax is a fair, efficient, transparent, and intelligent solution to the frustration and inequity of our current tax system. Thank you for asking for feedback. I hope you will consider this proposal. | |
| 287 | Peter | Self-Employed | Non-profit Organization | Make all members of Congress complete their own tax return with no help from a CPA. Then have them turn them in on 4/15/10 (not extensions) and be audited and have to show up at the audit in person until all issues are resolved. Then and only then do I believe real reform will happen as you've outlined above. Unfortunately, no one will actually implement this idea, but I appreciate the chance to share it...you never know. | |
| 288 | Peter DEVLIN | private citizen | Individual | The USA has a great opportunity to broaden its tax base, secure long term future revenue and at the same time create a level playing field for all US based business who are either exporting or importing goods + services. They can do this by adopting a VAT / GST type tax as almost all of their global trading partners either already have done or are planning to do. I work as a Global Indirect Tax - GST / VAT advisor in Malaysia and we are currently preparing for tax reform in Malaysia which will adopt a Goods and Services Tax. Malaysia is looking to choose the best ideas from the existing VAT / GST regimes globally and, at the same time, include certain unique elements that will benefit all Malaysians. My background which includes working for the Government of Canada with its GST department and working in tax advisory /consulting in Australia, Ireland and Singapore has given me a unique knowledge of GST / VAT systems around the world. The US should look at this as a way to significantly simplify the current tax system, level the playing field with foreign exporters of goods, as well as for goods/services exported from the US to other VAT / GST countries, once and for all put aside the disputes at the WTO (GATT before that) on unfair tax incentives and as stated above secure long term future revenue for the US Treasury. Countries like Canada have managed to lower personal tax rates since the inception of GST in 1991 and the Federal GST rate in Canada is a very low 5%, with combined provincial rates this figure amount 12 - 13%. | |
| 289 | Pete Schiavo | Annoyed Taxpayer | Individual | -Eliminate all deductions except for the personal one. -Eliminate all tax credits. -Cut the number of tax brackets down to two. 15 percent under $60k. 25 percent for $60k+. -Eliminate the AMT. -Tax all employer benefits. | |
| 290 | Philip J. Peacock | ExaTech Solutions, Inc. | Business | The entire federal budget can be funded by a single tax -- a gross receipts tax of 8.5% on all businesses. All other taxes can be eliminated: payroll taxes (employer and employee parts), personal income taxes, capital gains taxes, excise taxes, import taxes, gift taxes, inheritance taxes, etc. Businesses Gross $33 Trillion dollars per year, while individual gross incomes are only about $8 Trillion per year. The large personal income tax rates combined with large payroll taxes don't even fund the existing budget, resulting in deficits most years. A much smaller gross receipts tax on businesses funds the entire federal budget with a surplus in most years, rather than a deficit. The attached document lays out the details. This plan meets all of the PERAB 's constraints: NOT a New Tax System: Still taxing business, just on the top line rather than the bottom line. All other taxes are eliminated, so the old system is greatly simplified. Consider ideas on tax simplification: It can't get much simpler than a single tax with practically no loopholes. Better enforcement of tax law: The IRS would have only a single focus under this plan -- ensure all businesses report revenue correctly and honestly. Reforming corporate taxes: Removes any motivation to play tax games since the tax liability is the same regardless of profitability or compensation of owners. Do not consider options that involve raising taxes on families making less than $250,000 per year: This plan eliminates all personal income taxes. | http://www.whitehouse.gov/assets/formsubmissions/109/4f2260fc68e64cf0af11ef2d0ddb4641.pdf |
| 291 | Philip West | Steptoe & Johnson LLP | Business | Please see attached letter from TD Bank. | http://www.whitehouse.gov/assets/formsubmissions/109/511156bb917f474fb322bed4a17db2fe.pdf |
| 292 | Prescott Perez-Fox | Starship Design LLC | Business | I believe that the tax structure is fundamentally upside down. The majority of our taxes should go to municipalities and counties, not to Washington. States, counties, and cities should "kick up" tax revenues, instead of having to beg for it back from Washington's massive pool. Every time money changes hands, it becomes less efficient; why not keep it where it ends up? This is especially severe for cities like New York, where tax revenues from the City help keep the entire state afloat. NYC having to beg Albany (and Washington) for funding shows a fundamental flaw in the system. I understand that this might create a more dramatic division between cities and states that can fund themselves, so we'll need to put in protections for that. But on the day-to-day level, we should keep more taxes local, and only send a trickle up stream. | |
| 293 | Professor David Herzig | Valparaiso University School of Law | Business | In a soon to be published article on mine in Michigan State University Law Review (a top 70 flagship law journal), I examine the basis for the existence of exchange or swap funds. For the full article see, http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1470897. These entities provide an ability for taxpayers with single stock positions to diversify their position without paying tax. This is essentially a congressionally authorized tax shelter. In fact, it is a $30 billion tax loophole. An “exchange or swap fund� enables investors with over $5 million net worth and a large block of a single stock position (most often with a $1 million value minimum) to diversify the position without recognizing gain. These exchange or swap funds are limited only to the rich - not just the super rich. “Fewer than one in 1,900 Americans qualify for exchange funds according to current rules, said Professor Edward Wolff, a New York University expert on wealth.� What is interesting is the purported application of sections 351 and 721 of the Code, discussed infra, to exchange fund formation. The utilization of these nonrecognition statutes comes as a surprise, initially at least, to practitioners who mostly have a common, classroom image of the type of transaction that is contemplated by the sections. A typical section 351 or 721 of the Code transaction is a relatively small-volume transaction involving either the incorporation of an existing business by its owners or the establishment of a new business by a limited number of individuals desiring to combine their capital and skills Exchange Funds have been in existence for decades, but came in to the limelight in the 1960s. The statutes regulating exchange funds have been poked, prodded, and pricked by Congress through the years, but the tacit consent of the investment vehicle has nonetheless survived. In order to understand the current rules and carve-outs, it is important to briefly cover the evolutionary saga of the current code sections. The trigger that allows exchange funds to operate is the application of the nonrecognition treatment of either section 351 or 721 of the Code to the contribution of the securities to the fund. The issue has not been addressed in Congress since 1999 when Representative Neal introduced a bill to amend section 351 of the Code. In fact the lead paragraph from a Forbes Magazine article in 2001 was, “[t]he trouble with loopholes is that the better they are, the better the chance they'll be closed. For years now, lawmakers have been trying to do away with exchange funds, also known as ‘swap funds,’ which allow holders of highly appreciated stock to diversify without paying capital gains taxes.� Yet, here we are in 2009 with the “loophole� in full force. It is time we finally ignore the Joint Committee's report after Rep. Neal's proposed legislation to just ignore the issue. The issue is here and is fundamentally a misapplication of the code to a structured tax shelter. It is time to address the issue. | |
| 294 | Prof. William Barker | Penn state Law School | Non-profit Organization | Tax Reform in the (Inter) National Interest: Why Wait? 124 (8) Tax Notes 828 (August 24, 2009), is an article that I wrote setting out a plan to reform the international tax system by substituting an expenditure tax (broad-base consumption or cash flow tax) for the income tax on corporations and businesses. I appreciate this opportunity to contribute to your work on tax reform. Yours, Bill Barker | http://www.whitehouse.gov/assets/formsubmissions/109/c6a2e46636f94b7ea393533db3a849ef.pdf |
| 295 | Rachael Montague | citizen | Individual | Please consider taxing large corporations for pollution and global warming. The extra revenue can go to green research, replanting forests and offering money to citizens for green reform on their homes (e.g. breaks on solar and rainwater collection systems). The environment is in bad shape, many animals are going extinct. Please tax corporations to fix our environment. | |
| 296 | Randall Dodd | AARP MEMBER | Non-profit Organization | BRING HR-25 up for a vote. This bill is the best hope for America, especially the poor. | |
| 297 | Randall Klopping | n/a | Individual | Fix the disability side of Social Security so that we FINALLY get proper help, meaning a hand up not an inadequate hand-out. So that I can finish rebuilding my life and become a tax paying citizen rather than being eternally trapped in welfare! There are thousands of Americans with talents and abilities that with the proper help we could rejoin society and be contributors rather than a burden but leaders in Washington won't listen to what we need and keep wasting money trying to force their version of help down our throats. It is not help unless it works for our circumstances and abilities. Education is not a one size fits all solution!!! | |
| 298 | Randall Samuel | Private Citizen | Individual | Please consider H.R.25 - The Fair Tax for Tax Reform. **The Fair Tax will allow businesses to operate with no tax issues. **The Fair Tax will allow people who are employed to keep their full paycheck and stimulate the economy. **With economic stimulas, business will need to hire people to work. **Businesses from other countries will move and operate in the USA. **Everyone who consumes, will pay taxes. **The Fair Tax will provide funds to Social Security which is going bankrupt. | |
| 299 | Randy Engwall | Myself | Individual | Please consider HR-25 The Fair Tax. It is the only way to turn around this economy in a fair and balanced manner. If you raise taxes on the so-called rich they will find other ways to protect their money. They didn't get rich by being stupid. Can't get water from a stone either so you are not going to get any from the poor. That leaves the poor middle class with carrying the load as always. The middle class is getting really tired of carrying the load though as you have seen by the tea party protests. Oh, and its not racially motivated either. We wholeheartedly disagree on principle not the color of the presidents skin. That is the biggest bunch of baloney that has been trotted out there and I frankly am quite offended by it. My best friends are black and we belong to a church that is probably 95% black as well and love it. Most of them, quite frankly, voted for the President also but that doesn't mean that we cannot get along and worship the same God. I'm getting off on a rant now. Anyway, please give the Fair Tax an honest look. That is all that we ask. Sincerely and respectfully...Randy Engwall | |
| 300 | Ray Trimble | Ray Trimble | Individual | Even though you say you don't want to consider a NEW tax collection method maybe it's time to give serious thought to FairTax. There is NO way to reform the present tax code! Many millions of voters want FairTax. Obama is supposed to be for change. FairTax has so many benefits for our country and is far superior to income tax that our government needs to quit wasting their time and our money trying to do something to our present system to make it work. The only group that wants our present tax code are the lobbyists who work the code to to the benefit of their clients. It's time to do something for the people! |
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Also, I have to point out that the Fairtax is a scam
Ah, the FAIRtax! Its only a 23% sales tax - except that it isn't. Its the equivalent of a 23% income tax - sort of - because income taxes are subtracted from total income whereas sales taxes are added to sales prices. Its actually a 30% sales tax. And that's 30% on all sales, not just retail. Sell your house - pay 30%. Sell your car - 30%. Sell your stocks - they needed to appreciate 30% for you to break even (remember we're talking 30% of sales price - its a transaction tax, not a VAT or capital gains tax). Of course exceptions could be made for any of these things, but that would just require the rate to go up for everything else. Whether or not this is a better model than the current system with its total marginal rates of 40+% for the upper middle class is debateable, but what isn't debateable is that the "FAIR" tax is not some "Everybody Wins!" free lunch like the fairtax cult would have you believe. A sales tax that high would create a huge incentive to save and a huge disincentive to buy stuff. Since most of our economy is driven by consumer spending, I have a hard time seeing how the results of that could be positive. Hey, I hate the income tax as much as anyone, but the revenue it brings in would be difficult to get in any other manner. If we want to reduce tax burdon in this country we need to do it the right way and stop the government from spending so much money it doesn't have.
I Recommend 273
I'm going to highly recommend #273. The federal government needs to define what is considered taxable income for state income tax purposes. You can't leave it up to the states to do it themselves as they've proven they can't do it fairly or efficiently. There is far too much overlapping taxation and even though your state of residence will usually give you a (nonrefundable) credit against taxes paid to other states, this effectively forces you to pay the higher of the two rates and thus prevents the states from having to compete for residents by adjusting their income tax rates. This is mainly an issue for those living and working in multiple states but probably also comes up for people owning a business in a state they no longer live or work in amongst other scenarios. It is blatently unfair for a state to tax the income of a nonresident and deprive the state where that earner lives (and thus derives their services from) of that tax money to fund their services. It is blatently unfair for a resident of a low or no income tax state to have to pay income tax to a high income tax state and then pay the higher property and sales taxes in their resident state.
I was well treated.
I can't receive my social security
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A Lesson in Corporate Tax Avoidance
This Bloomberg Businessweek article paints a very clear picture of the army which is involved in avoiding corporate tax and the requirements of the IRS army needed to pursue tax collection. Main article - I especially like the last sentence: http://files.meetup.com/1418624/Forest%20Lab...oratories%27%20Globe-Trotting%20Profits.pdf Summary - very compelling snapshot: http://files.meetup.com/1418624/Lexapros%20Long%20Strange%20Trip.pdf Who do we think is going to win this chase and many others like it? How much needs to be wasted before we eliminate income taxes? Respectfully, we need to seriously consider the merits of H.R. 25 - the Fair Tax Act.