By now, we’ve seen it all. Some want flat taxes, some want sales tax, some want no tax at all, some want really high taxes…how should this be handled? Well, here are my contributions to the idea pool.
Property tax:
- PRIMARY residences for individuals should have NO property taxes once they are fully paid for. Once we have purchased the place we live fully, we should not have to continually ‘rent’ from our local governments. Taxes should be calculated on the final purchase price (before interest), and be divided into the number of years that the mortgage is for, and then divide that into the monthly payment. That is then handled by the mortgage company and not the individual.
- All NEW, non-consumable, items should have a tax when purchased - purchase a new car - pay taxes, purchase a USED car - no taxes. Shop at Chanel - Taxes, shop at a thrift store - no taxes. etc. (With the exception of a purchase of a PRIMARY residence - that should be considered ‘new’ with each PURCHASE, but not with handing it to the children, etc.)
- PERSONAL Income should never be taxed - no matter what that income comes from. Capital gain, inheritance, investments, employment, etc. none of it should ever be taxed at ANY level - local, state, or Federal.
- Social Security/Medicare/Medicaid should be an opt in program. Again, it should not be something that is automatically taken out of income. If you opt into it when working, then it comes out of your pay, like any other insurance.
- PROFITS from business should be taxed, that is what the company has made after it pays it’s expenses, not before payroll and bills are paid, anything above and beyond should be taxed, this will encourage businesses to put their money back into their employees/products/services - improving all of it.
I have other ideas that I feel would make this country, and the world, a better place to live in, but they are for another topic.
Thank you for taking the time to read this.