Guest post by Kostas Callis:
Abolish all existing taxes and start from scratch, then implement the following taxes.
- Flat personal income tax rate of 10%
- Flat corporate tax rate of 15%
- Federal Sales tax in all goods and services of 4%
- Financial transaction tax of 0.2% (this includes banking transactions, equities, bonds, currencies, commodities, derivatives trading activities)
Redefine the budgeting process so that budgets are determined as a percentage of tax revenues, rather than fixed dollar amounts. In the budget create a sinking fund for the payoff of the highest interest debt that exists at that moment, as well as an emergency fund for all national disasters (act of God & economic). Never all the the budget to exceed 100% of tax revenues collected.
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This guest post was submitted in response to my query about how the best way to deal with the current economic situation. This post does not necessarily reflect my thoughts and feelings.
Your comments and reactions are, of course, appreciated. Just play nice. I have standards. And I don’t want to have to delete you.
