Dear Senator Frank Lautenburg,
Hello, I hope you and the loved ones are in good health! How about creating a national asset tax on wealthy individuals, businesses, and organizations? Obviously only the very wealthy would have to pay.
For the Individual Net Asset Tax there would be the following deductions: $13.75 million for oneself, $13.75 million for a spouse, and $4.125 million for each dependent under 19 years old living at home. The asset tax would be:
Net Assets (in millions of $'s) - / - Tax
$79.7 - $328 : .5% (half a percent)
$328 - $1,349.8 : $1.2415 million plus 1% over $328 million
$1,349.8 - $5,555 : $11.46 million plus 1.25 % over $1.3498 billion
$5,555 - $22,861.2 : $64.025 million plus 1.5% over $5.555 billion
more than $22,861.2 : $323.62 million plus 1.75% over $22.8612 billion
For the Business/Organizations Net Asset Tax there would be the following deductions:
$247 million standard deduction, $289,500 per employee, and all pension assets would be deductible. The asset tax would be:
Net Assets (in millions of $'s) - / - Tax
$570 - $2,361.6 : .5% (half a percent)
$2,361.6 - $9,784.4 : $8.958 million plus 1% over $2.3616 billion
$9,784.4 - $40,538.6 : $83.186 million plus 1.25% over $9.7844 billion
$40,538.6 - $167,958 : $467.61 million plus 1.5% over $40.5386 billion
more than $167,958 : $2.3789 billion plus 1.75% over $167.958 billion
The tax could expire in nine years, and the deductions could be increased automatically by 33% each year. This tax could take the place of the Inheritance Tax, and the national gas tax. Thank you for your time and consideration!
Sincerely,
A concerned citizen
No comments:
Post a Comment