4. Corporate income Taxes. Since the last 30 years the middle class income has not even kept up with inflation. I propose a way to get higher income for the masses and at the same time lower corporate income taxes. A US index of income multiples should be instistuted thereby giving the power to lower their corporate income tax rate to as low as 15% by minimizing the raios of the highest to the lowest paid employees. E.G. using an index of 100 a CEO of a corporation ( all public companies and most small subs corporations with 50 or more EE's. A CEO making $3.5million and the lowest paid makes $35K would stay at the current top corporate rate of 35% if the CEO's total compensation goes over 100 times the lowest paid then the tax rate would jump up to a top rate of 45% incrementally say for every increase of 5 X's e.g. 105 the top rate goes up by 2% ( I would also implement an AMT type of tax on any corp reporting profits of more than $10 million and where they pay no tax on that income.) so if a CEO makes more than 150 times the lowest paid their top rate would be 40%. Conversely if a CEO takes less total comp. that workd out to less than 100 X's the lowest paid. For every multiples of 5 the CEO either takes less or pays more they can in effect lower their Corporate rate to as low as 15% so in thae example given above if a CEO makes no more than 50 times the lowest paid EE his or her corp. rate would drop to 15% So now the onus on lowering corporate income taxes would fall on that companies respective CEO's total comp.
This would reign in absurd comp. for CEO's who screw up or who run their respective companies well ( profitable) will help shrink the income gap in this country by a huge margin! At the same time making their company more competitive in the global world of business. Also I propose doing away with the couble taxation of dividends!
5. As for personal income tax I say create a flat tax of 5% and a National Sales tax of 23% or do away totally with the 5% and install a 26% consumption tax. That would raise all the current lost taxes for those who work in cash or in illegal businesses. I would exempt Food and Medical all other purchases would be subject to the National tax. In this way savers/investors are rewarded by their frugality and or risk taking. All those illegal payments made to cash workers or drug dealers etc. when they buy that 20K watch or that 100K car or 20 million dollar mansion they are hit wth that 23-26% consumption tax. Interest, dividends & capital gains would be tax free! Mortgage interest deductions and rents should get some relief as well, by giving them a 5-10K tax credit. But that's it all other deuctions would be eliminated.
6. Term limits for the President, Congress and the Senate
6 yrs for Pres. 6 2 yr terms for Congress and up to 3 terms for Senators! Also make them pay into Soc sec and get the same meical plan the American citizens are forced to live with.
7. I would also propose Medicare for all. But the Insuranc eindustry could be rewarded by other means. Like The national Lottery and Future Soc Sec recepients by purchasing Annuities for those income streams.
8. Decrease Defense spending by mering the Dept of Homeland security into the defense dept. and cutting a total of 1 trillion over the next 10 years out of our defense/homeland security spending
9. Withdraw all our troops from Japan, Germany and So. Korea or get those countries to foot the bill we Americans are now paying.
10. Implement the Pickens plan for Natural Gas, plus install wind turbines thoughut the middle of America.
Raise the Gasoline tax by $.50 per gallon to pay for the rebuilding of America's infrastructure!
More to follow
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