You are elected POTUS - What is Your Tax Plan?

[barfbag]

I'd simplify the brackets to 15%, 19.5%, 23.5%, and 28%. The corporate tax would be cut in half to bring back jobs from overseas. Taxes I'd move to abolish would be the death tax, marriage tax, and unconstitutional double taxation of capital gains taxes. Spending would be evenly cut by 20% to help balance our deficits.

[barfbag]

Millionaires 28%
<$250,000 23.5%
<$97,000   19.5%
most people 15%

College students and those in poverty should get their money returned when they file their taxes.

[barfbag]

income < $15,000   10%
income < $25,000   15%
income < $85,000   25%
income > $85,000   28.75%

Repeal the death tax.
Repeal car taxes.
Repeal marriage tax for couples making less than $400,000.
Repeal tax breaks for those making over $400,000.
No national sales tax.
No tax increases for government services.
Reduce taxes on capital gains and dividends.
Double taxation on stock dividends is unconstitutional.
Keep spending under control in order to avoid higher taxes.
Tax increases hurts job creation by taking money away from job creators.



With all of the tax breaks, tax credits, and loopholes, it's not like people can't figure out how to avoid paying taxes anyway. Lower income taxes help the average American and it's important not to let our brackets increase. When people have more money to put into the economy, everyone benefits. Tax breaks should be removed for top income earners. Spending must decline in order to keep within the budget. The car tax and death tax should be eliminated all together. Married couples making less than $400,000 shouldn't have to pay a marriage penalty tax. Taxes should also be lowered on dividends and capital gains. Double taxation on stock dividends is unconstitutional. If we get rid of earmarks and pork, then these tax brackets should spur the economy enough so that more people are paying taxes and we'll be able to pay off deficits at the same time as providing services.
 
I have a thread on this in the political debate section. Income taxes don't need to change too much if we repeal some taxes we have.

[barfbag]

Corporations:

No tax deduction for expenses incurred in connection with short sales of stock.
Level highest corporate tax rate at 34%.
Require adjustments to profits to reflect economic gain and loss.
Phase out graduated tax rates for large corporations making over $1,000,000.
20% tax for receiving a parachute payment in excess of the deductible amount.
No tax deductions for donations prior to occurrence.
Provide a 10 year operating loss carryback period for tort liability deductions.
Reserve funds for mining and solid waste closing costs.
Reserve funds for decommissioning costs.
Require taxpayers to treat start up expenditures as deferred expenses.
Require companies to maintain a list of shareholders.
Double the tax penalty for promoting abusive tax shelters.
Require reporting of donated property within two years of donation.
Tax penalties for failure to file, gross valuation, and intentional understatement.
Entire interest on pensions must be paid to employees by age 70 1/2.



Tax Brackets

income < $50,000                 15%
income $50,000-$75,000       25%
income > $75,000                 34%


Income Taxes:

Increase Home Owner Mortgage Deduction.
No deductions for credit and debit card payments.
Allow for IRA tax deductions for deposits of $2,000 or more.
Require social security numbers for dependents over the age of 5.
Reduce windfall profit taxes by 23%.
Cut capital gains taxes nearly in half.
Make child tax credit permanent.
No national sales tax or VAT.
Tax increases damage federal revenue by causing higher unemployment.

 
Tax Brackets
 
income < $64,600      15%
income < $195,000    28%
income > $195,000    33%


Deductions

medical and dental expenses
charitable contributions
casualty and theft losses
qualified interest on property used as a residence
estate tax


Life Insurance Policies:

income includes- premiums
                         decreases in certain reserves
                         other amounts includable in gross income

deductions- general life insurance deductions
                  special life insurance deductions
                  small life insurance deductions


Budget and Economy:

Decrease the maximum amount of property subject to tax credits to $270,000.
0.5% tax credit for businesses who contribute to stock ownership plan.
Increase taxes on foreign earned income by 7%.
Freeze maximum estate and gift tax at 55%.
22.5% windfall tax rate on newly discovered oil.
Continue cell phone taxation.
Increase alcohol tax by 20%.
Double tax percentage of cigarettes and tobacco.
Eliminate investment tax credits for property used by foreign governments.
Tax revenue made on bonds as income.
Increase recovery period for dilapidated property by 3 years.
Prohibit property from being used as payment to a spouse in place of alimony.
Children of divorced parents may be claimed by one parent or the other.
$50 penalty for late alimony and child support payments.
Property transfers during a divorce not subject to the gift tax. 
Raise federal debt limit from $14.3 trillion to $16.7 trillion in exchange for annual $40 billion cuts.
Freeze budget at 2.3 trillion annually until debt situation improves.

[barfbag]

Raise the cap on Social security to above where it is and close tax loopholes for big oil companies.

Closing tax loopholes on oil companies solves everything? I've laid out a better plan on these threads and on the political forum. It could do you and the other partisans on this site some good to look through it.