A Novice Idea on Reforming the Tax Code
After hearing so much about the need for a new tax system and a few unconventional plans like the “999” plan or the choice of a flat 20% and staying with the current system, I decided that I would give it a shot. With the reduction in the brackets, standard deductions, estate taxes and the elimination of the alternative minimum tax, I think this plan has something for everyone. Information from Government Spending in the United States retrieved from www.usgovernmentspending.com , says that the normal federal expenditures is 6 trillion dollars divided as 18% for Healthcare, 15% for Education, 12% for Welfare, 16% for Pensions, 15% for Defense and 24% Discretionary/Remainder. I have taken this 6 trillion dollar number to use in my calculations and attempting to reach this number in my tax reform plan. It was also important to take a look at what is reported to be the current breakdown regarding revenue. This information was retrieved...