The current individual income tax and corporate income tax system is unfair, complex, difficult to administer, costly, and ineffective. Individual tax payers pay income tax on what amounts to something close to gross revenues while corporations pay income taxes on only profits.
This proposal simplifies the income tax system creating one unified and simple tax system for all individuals, businesses,and corporations. It eliminates all loopholes and tax preferences and lowers the tax rate to one low rate of about 4%.
Simply tax everyone, business, corporation, and individual, on gross revenues, net income without any preferences or deductions. The tax rate will be about 4% of gross revenues. Close to what corporations pay today.
One low tax rate for all with no loopholes.