The administration should present to congress proposals to change our present personal income tax from the taxation of NET income to tax GROSS income.
[1] Any and all exemptions should be eliminated.
[2] A uniform and graduated tax structure should be applied to any and all personal income from any source (wages, interest, bonuses, stock options, capital gains etc.)
A DOLLAR is a DOLLAR NO matter how it is earned.
[3] The first $25,000 for single and $50,000 for those filing a joint return of income should be exempt from taxation.
This will provide a FAIR and equitable burden on society and eliminate all those gimmicks and loopholes in our present tax code.
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