We ask the President to propose to Congress a bill for a Truly Flat Tax, to replace the current income tax code.
This would be a single tax rate for all taxpayers on all income, foreign and domestic, including both individuals and corporations, and including both earned income and capital gains.
All deductions and credits would be eliminated, and could not be added at a later time, for all corporations, as well as for all individuals in the top 5% of gross income. Individuals under the top 5% of gross income could deduct a maximum of 20% of their total tax owed as a result of deductions and credits.