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Tax Reform Summary
This plan can be summarized as a list of specific actions:
1. Increase the standard deduction to workers making salaried income of $350,00 and over, shifting business filing to a separate tax on employers and eliminating all credits and deductions - starting at 7.2%, going up to 28.8%, in $50,000 brackets.
2. Shift special rate taxes on capital income and gains from the income tax to an asset VAT. Expand the exclusion for sales to an ESOP to cooperatives and include sales of common and preferred stock. Mark option exercise and the first sale after inheritance, gift or donation to market.
3. Employers distribute the child tax credit with wages as an offset to their quarterly tax filing (ending annual filings).
4. Employers collect and pay lower tier income taxes, starting at $100,000 at 7.2%, with an increase to 14.4% for all salary payments over $150,000 going up 7.2% for every $50,000- up to $250,000.
5. Shift payment of HI, DI, SM (ACA) payroll taxes to employers, remove caps on employer payroll taxes and credit them to workers on an equal dollar basis.
6. Employer paid taxes could as easily be called a subtraction VAT, abolishing corporate income taxes. These should not be zero rated at the border.
7. Expand current state/federal intergovernmental subtraction VAT to a full GST with limited exclusions (food would be taxed) and add a federal portion, which would also be collected by the states. Make these taxes zero rated at the border. Rate should be 19.5% and replace employer OASI contributions. Credit workers on an equal dollar basis.
8. Change employee OASI of 7.2% from $18,000 ($20,000 for $10 minimum wage) to $100,000 income.are optional taxes for Old Age and Survivors Insurance.

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The main post is also at our blog at
Tax Reform Attachment to comments for the record:
https://fiscalequity.blogspot.com/202...
Attachments:
Video One: Individual payroll taxes and high wage/salary surtaxes    • Tax reform one FICA and wages  
Video Two: Asset value added taxes:    • Tax Reform two Asset VAT  
Video Three: Subtraction value added taxes (net business receipts)    • Tax Reform three Subtraction VAT  
Video Four: (Credit) Invoice value added (Goods and Services) taxes and carbon added taxes    • Tax reform four invoice VAT carbon added tax  
Video Five: Summary:    • Tax reform five summary  
Video Six: Winners and losers:    • Tax reform winners and losers  

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