Best concept to finance government in the history of mankind! This concept ?Life Without Income Taxes? would: Provide money to: ?Pay for health care. ?Buy a home. ?Send our children to college. ?Give to charities. ?Investment in business. ?Buy US Government Bonds and T-Bills. ?Finance home loans. It will: 1. Lower Individual Income Taxes to Zero. 2. Lower Employment Taxes to 2%. 3. Lower State Income Taxes to Zero. 4. Lower Corporation Taxes to Zero. 5. Lower Estate and Excise Taxes to Zero. 6. Give retirees more money each month than Social Security. 7. Allow stay at home moms to have a retirement account. 8. Raise the minimum wage. 9. Lower the trade deficit. 10. Simplify the IRS tax code. 11. Lower the cost of goods and services. This is how it works: 1. Individuals age 18-64 would save 5% of their income each year in a retirement account. 2. At retirement, the assets in the accounts will be converted to income producing instruments that will pay interest only payments each month. The principal is never spent and is left in the account until death. After death of both husband and wife, the assets in the account are converted to cash and are paid to the US Treasury. 3. After 40 years, with all Americans participating, this concept would generate more income to the US Treasury than the present Individual income tax collection system. 4. The ?Tax? would not be collected until the death of both husband and wife, leaving both retirement accounts for the use of the surviving ?
Source: http://pension-plan.online-guitarlesson.com/2011/10/02/health-care-and-tax-reform/
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