SIMPLIFY THE CURRENT INCOME TAX CODE TO CREATE TRANSPARENCY AND FAIRNESS FOR A BETTER AMERICA

Our nation needs to move to a simple income tax rate system which provides transparency and fairness for everyone. This plan eliminates all tax loop holes and exemptions. The income tax rate would be changed to 2% for up to the first $20K in income you make, 5% for up to the next $30K, 10% for up to the next $50K, 15% up to $150K, 20% up to $750K, and 25% for any earnings over $1 million dollars. The social security tax rate would be set at 6% (6% for both employee and business - 6.2% has been normally been the rate) and 2% for medicare (current rate is 1.45%), Individual business owners would pay an 8% rate (current rate is 10.4%) but there would be NO CAP on the amount of income you are taxed on (2012 cap is $110K). For someone making $20K or less, their total tax rate comes to only 10%