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Taxing profit or wages is bad -- very regressive.
Exempt food, rents and property purchases, medicine, books and education tuition. Make a VAT on everything else to replace all income tax.
20% maybe.
Make a financial transfer tax on all equity and debenture transactions.
Make a real estate sales tax (federal)
Make a capital escape tax on all capital transfered out of the country.
This rate could be 2% or less.
Let the remittance rate be 98% with the collecting sources being compensated with the remaining 2%.
Put most of the tax accountants and attorneys out of business -- they are just major drags on the economy.
No more personal or corporate income tax. Repeal the 16 Amendment -- enact a new constitutional amendment enabling this tax schema --done.
This will most likely never happen ...
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