Tax reform is desperately needed. Congress has allowed the IRS to fill the tax code with over 75,000 pages of loopholes for the “players who pay.” Politicians have proposed the fair tax and the flat tax reform. These are good ideas, but the only problem is the politicians. We the People cannot trust the politicians to reform the tax laws so that they are “fair” or “flat.”
Let me propose a THE ONE PERCENT TAX REFORM. It is based on two principles: The first principle is that Congress must balance the budget and pay off the national debt. A constitutional amendment must be added to the Constitution that states that Congress must live within the budget. If they don’t balance the budget and pay off the national debt, then they must forfeit 20% of their pay, the expense accounts, and benefits for each year they don’t.
My FED-UP article explains this. We the People must demand politicians pass this amendment. Without a balanced budget amendment politicians will continue to promise reforms only to raise taxes.
The “Penney Plan” proposes to balance the budget within a decade. If Congress would make that a “Two-Cent Plan” and use one cent to balance the budget and one cent to pay down the debt, then the debt could be paid off within 20 years. The only hindrance to the Penny Plan is politicians!!!
The second principle is that every person and every company should pay a fair and reasonable tax.
To meet this demand, all loopholes must be closed. There should be no tax exemptions. NONE!