Mekkar's Restructuring Plan - Tax System
(originally written 2/12/02)

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All businesses, including churches and "religious" organizations, would have to register with the Government. All organizations would also lose their tax-exempt status (This might also apply to the government itself). This would be a mechanism to control "corporate waste".

Eliminate the IRS by canceling personal & business income tax altogether. This would close all loopholes & writeoffs. A straight 15% across-the-board for any purchase made on any product or service - all things would be taxed at the same rate. The rich, businesses, etc. would pay also, because the more you spend while transacting goods & services - the more times you would pay the sales tax.
The tax rate would apply to both foreign and domestic businesses operating in the US. All tax loopholes will be considered closed! All Social Security, benefits will be included in the total gross income taxable rate mentioned above.

Estate transfers valued under $300,000 will pay a one-time tax of 25% of the property's market value. Those valued at $300,000 or more would be taxed at 40%.
No tax write-offs, for anyone, will be available for real-estate losses.
No tax credits will be made available for any capital-gains measures. Capital-gains taxes will be at a 25% rate across-the-board.

Medicare and Social Security would be completely cut-off for those individuals that have a total annual gross income of $100,000 or more.