The intent of this tax proposal is to create a fair share tax system. Under current income tax law, billions of dollars concealed in non-profit tax-exempted entities has created a disproportionate and inequitable budgetary burden to American taxpayers. Currently, non-profits file no income tax return because of this exemption. This allows for no accountability on monetary expenses or revenue generated by these non-profit entities and is a major burden to our society.
All new tax revenue generated by this proposal to be used strictly to pay down the deficit. Secondly, all surplus revenue to be used strictly to create an emergency deficit reduction fund of 3% of budget expenses.
Implement a three tier income tax on all Endowment, Religious, and Trust non-profit entities.
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