Here is what I have been proposing:
Every person files an individual tax return. Anything that puts a dollar into a person’s pocket is considered “income”. Everyone receives a $25,000 personal deduction, no more itemized deductions for anything (President Trump is already working on this one). Everyone pays a flat rate of somewhere between 5 and 15 percent on all income after that, no limits. Done on a postcard as the President has proposed. That is it.
This allows a couple to earn $50,000 a year before owing any income tax and allows us all to earn as much money as we wish, while knowing precisely how much we will owe in taxes. Since business finances can be categorize into basically three areas: gross income, expenses, and net profit – business taxes can also be modeled on this plan. This simplification will bring stability and greater growth not only to our personal lives, but the economic growth of the Nation as well.