People can choose one of two options for taxes:
1. The current tax system
2. 10% tax on joint filers making up to $100000 and single filers making up to $50000. 25% tax on incomes that are higher.
No deductions, credits, or exclusions, except for healthcare tax credits.
No taxes on dividends, capital gains, or death.
Corporate tax replaced by an 8.5% business consumption tax.
Medicare and social secuity preserved for those currently recieving benifits or who will be recieving benifits no more than 10 years from now.
Healthcare tax credits of $2300 for individuals and $5700 for families who purchase portable coverage in any state. When people under 55 become medicare eligible, they would recieve payments of $11000 per year.
Healthcare tax credits can be used to set up a healh savings account for all people from which they would pay out of pocket expenses.
People will be able to invest 1/3 of thier social security taxes in individual retirement accounts.
Raise the retirement age - possibly to 75.
