To generate the revenue needed to meet our country's needs, what is needed is not higher tax rates. Rather, what is needed is the elimination of all deductions, loopholes and special credits, which is what the Fair Automatic Simple Tax ("FAST") does.
, a.k.a. revenue
, no matter what the politicians promise, nothing gets done in America — nor anywhere else! Our national security, our military, our crumbling infrastructure repair, our veterans' health, our social institutions, our healthcare and everything else that used to make America the envy of the world, depends on revenue
; in other words, TAXES
, pure and simple.
Unfortunately, through expansive use of deductions, loopholes and special credits
provided by our rigged, corrupt, unfair and unfathomable tax code, certain wealthy individuals and corporations — the same groups who constantly decry high taxes
and complain about the national debt — are able to substantially lower their Effective Tax Rates
to the point that some corporations often pay less than 1% on Billions of income. Need we ask why our country is drowning in a $20 Trillion + national debt
Based on IRS statistics — not out-of-the-air voodoo statistics — FAST is fair, simple, progressive (8 brackets from 2% to 20.5% for individuals) and automatic. It was designed to replace our rigged, unfair, corrupt, ever-growing, 75,000-plus-page tax code which nobody understands and is destroying our economy and the confidence of Americans.
Because FAST eliminates all deductions, loopholes, special credits and most tax returns, the model will easily generate enough revenue to fund and maintain:
- national security
- all necessary social and healthcare programs
- Veterans' and their families' welfare
- the Earned Income Credit (EIC)
- infrastructure and the environment
Low FAST rates more than compensate for the elimination of the Home Mortgage deduction.
Under FAST everyone will pay their own fair share — tax evasion and fraud will be greatly reduced or eliminated
FAST eliminates tax returns for the majority of employed tax payers, saves money on tax preparation fees and eliminates annual tax-preparation stress
Lower FAST rates will provide taxpayers with substantial increases in disposable income — a virtual "raise". This extra disposable income, when spent, will further increase demand for goods and services which, in turn, will generate new job opportunities for American workers.
Because FAST rates automatically self-adjust, depending on the state of the budget, deficits will be eliminated. This feature will keep politicians' hands off the tax code and minimize their influence with the PACs which provide them with the Dark Money used to buy elections, i.e., our government!
Through its simple, clear, tax-liability computation method, FAST simplifies the tax-preparation process for the self-employed as well
Under FAST, printing and mailing millions of tax forms, envelopes and pamphlets will no longer be necessary — saving the IRS significant annual expenses
The 2 most consequential numbers in a taxpayer's tax return are the following:
The Marginal Rate — The amount due before deductions
The Effective Tax Rate — The amount due after deductions - what we actually pay
Many politicians and tax payers believe that the best way to stimulate the economy, create jobs and generally improve the lives of all Americans, is by cutting tax rates
. Conversely, others believe that raising tax rates
on the wealthy is the way to accomplish these worthy goals. But, if we compare these two opposing views, we will discover that, given our current tax code, neither "solution" would achieve these desired goals. Let us explain why:
Americans are currently saddled with an ever-growing, $20 Trillion national debt
. It is no secret that this horrendous debt has been caused by a rigged, corrupt, 75,000-plus-page tax code which is unable to raise the revenue necessary to pay for our government's needs because it has been rigged to reward wealthy political-campaign donors with hefty tax cuts at the expense of the majority of Americans. As everybody knows, our government is broke and paying untold $Billions in interest — which would be better spent to benefit the American people
— to foreign and domestic "lenders" who, in all likelihood, are also beneficiaries of our rigged tax system.
The bottom line
: under our current tax code, lowering tax rates without eliminating all deductions, loopholes and special credits
would be irresponsible and would, necessarily, further increase the national debt and make things worse for all Americans.
As long as our tax code is rigged with Deductions, Loopholes and Special Credits designed to benefit wealthy campaign donors
, raising taxes (marginal rates) will not change the status quo and only achieve the following:
- a rise in Inversions from corporations who already enjoy shamefully low "effective tax rates" (the rates they really pay) courtesy of our rigged tax code
- more "legal" tax-dodging by wealthy taxpayers who will avail themselves of existing "deductions"
- our 75,000-plus-page tax code will become even more complicated with the addition of more exceptions to make up for higher tax rates
- increased polarization of voters opposed to Higher Tax Rates
In order to provide you with real-time graphic proof as to how our FAST
model will affect your bottom line, we have created a FAST Calculator
where you can input your gross income figures and our calculator will calculate taxes due under FAST
and under the current tax code — based on the standard deduction for a family of 4 — as well as the difference between these two rates. To see how the FAST
model affects your bottom line, click here to open the FAST Calculator.
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