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Abolish the entirety of the tax code a replace with the following: 20% of income less $7,000 rebate.

Created by A.B. on November 14, 2012

Taxes are too complicated. It should be easy to pay and understand. Instead of graduated rates, we urge the President to recommend the following to law makers. Abolish the current code a replace it with a flat rate for all people (20%) coupled with a flat rebate for all $7,000. Under this model, households making less than $35,000/year would get a net rebate. Household making more than $35,000/year would pay tax, and households making $35,000/year would pay nothing (their tax burden would be $7,000, and it would be offset by their rebate $7,000).

Budget & Taxes
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