Dear Future President
With the current income tax system, the wealthiest americans pay the highest tax rate. Yet, certain members of the 1% have found and exploited massive loopholes which have allowed millions of dollars of tax deductions to these members. This is more money in their pocket that should be going to our government. The lower classes have expressed their anger and frustration with this issue and the want for change.
But first we need to realise our current situation of the legislative branch and executive branch not working together will not work for this country. For this massive of a change our government needs to work together and compromise for what is best for our nation.
It is my belief our country could create a new tax system that would help put this issue to rest. If we were to get rid of the federal income tax altogether and install a federal sales tax this could help ease the tension between classes and help bridge the growing gap between the people of this country.
We could take the formatting for our current income tax system and apply it to this new sales tax. There would be different brackets (4-6) that items would fall into to see what the tax rate would be. Necessity items, like groceries, would be taxed at a much lower rate than say, a yacht, or a sports car, which would have a much higher tax rate.
With this new system, the people who can afford the big ticket items will pay the big ticket taxes. This will help low income families who are struggling to put enough food on the table and cloths on their backs by giving them more of a tax break.
In this system everyone will pay taxes, american citizen or not. If you buy something in the US you pay taxes. Plus with no income tax americans will think they have more money to spend. This could possibly boost the economy, more spending means more taxes, more taxes means getting out of our growing debt.
Caleb M. K.