Title I: Defining The Law
a.Every Three Months, Landlords will report to the IRS about their income and money spent on repairs.
b. The Profit will be the Money gained from Tenants minus the money spent on repairs.
c. Any Money gained above $75,000 will be subject to a 10% tax increasing by 10% per $25,000 gained in profit above $75,000.
d. This Tax will be a Progressive Tax
Title II: What to do in case of Fraud
a. Should it come to the attention of the IRS that you have been misrepresenting how much money you are making, the punishments will be as follows:
- A Fine to consist of the misrepresented Money
- A Prison Sentence not to exceed 10 years
- Automatic Audits on your Income for the next 10 years
Title III: What the Tax is to be used for:
a. The Landlord Tax will be used to build Public Housing for Homeless People and to help them become productive members of Society again
Title IV: When this law will take Effect:
a. This law will take effect on May 1st 2023
