It’s an easy fix with a few parts. 1 – A graduated V.A.T. (value added tax) that is reasonable on items up to $500-$1,000 (this $$ level is adjustable), then starts to ramp up (exceptions for some goods like transportation – basic cars, bikes, scooters, etc. - it stays low) It should be high on very high end luxury items. 2 – A graduated income tax that does not tax any income below $50,000 (no change there), a fixed % on the amount from $50,001 - $99,999, with pre-determined jumps up the 35% on the highest earners. I also feel that cost of living in any given area should be taken into account. Only a small number of deductions are allowed. Such as: Interest on only 1 home, a fixed maximum % of your income on charities, A maximum on school costs, and I’m open to a few more if they make sense. 3 – All income, no matter the source, with the exception of welfare & unemployment (no tax at all), is taxed at the same rate. 4 – I am no expert on taxes regarding small & family businesses, but there has to a specific system set up for them.
Bob C.