We need to take ownership of the Federal Reserve System away from the "banksters" and put ownership under the Social Security System, so that any banking profits - from safe and sane banking practices - benefit workers of America, and not the entities controlled by and for the top 1%.
Next we give this new Federal Reserve System an added duty - as the new tax collector to replace the "Infernal Revenuer System" and to collect a new "payment transfer tax" that will replace ALL other Federal Taxes.
This tax policy will initially run parallel to the antiquated IRS system until all "bugs" are removed so that only the one higher tax would prevail at first.
We would take a flat 1/2 of 1% (one-half of one percent) off the top of all payments as they are being deposited into ALL payee accounts [ OF ALL PAYEES regardless of personhood, or citizenship or charter or function or stated business purpose or domicile ]! When I say ALL PAYEES, I mean ALL PAYEES!
And to do business in America, you must have an American banking account, and no funds are repatriated to foreign lands without first clearing through our system!
I call this a "Fair Privilege-Opportunity Tax" - and soon all tax shelter scams would fall by the wayside as inter-company transfers would only increase the tax paid rather than create a tax dodge.
This tax also should increase stock market stability when being applied to computerized nanosecond stock and option speculative trading - that otherwise adds to market instability and volatility. FRANTIC FRENZY COMES TO A SCREECHING HALT - APPLYING THIS TAX TO IT!
And on the other hand, investment judgment in selling/holding decisions would no longer be clouded by arbitrary holding periods imposed to qualify for a lower tax rate.
The Republicans should be happy that the "DEATH TAX" would also be abolished by this and a family receiving a "cash equivalent value" of $100million would only pay a nominal tax of $500,000. SUCH A DEAL!!!
Welfare for the poor and needy would no longer be tied to the tax code and a new system devised to determine need and benefits that is beyond the immediate scope of this missive -
But any worker earning a paltry $60,000 per year would pay a tax of $300! Whether he is single or married - or how many kids he has is his choice and his duty to provide for them.
Then with this reduction, Social Security can be further revised to eliminate all employer contributions (Republicans and businessmen - say thank you!) and the employee would instead contribute 15% on all his wages to a "personal account" on which he could later collect an annuity for life based on his attained age - if then faced with being laid off before 65 and needing retraining and reemployment at an earning level below his past history.
In my personal and humble opinion, to increase the age for Social Security benefit eligibility is madness and flies in the face of economic reality and the needs created in our economy by the massive and pervasive outsourcing of many industrial jobs in particular to third world countries where workers are exploited, subjected to hazardous working conditions and are paid next to nothing.
This outsourcing practice is another side issue that should as well be effectively discouraged by this tax reform!
AS AN ADJUNCT, THERE IS A CRYING NEED FOR A LAW THAT WE WILL NO LONGER PERMIT ANY AMERICAN CORPORATIONS TO EITHER OUTSOURCE JOBS TO, NOR IMPORT WORK IN PROGRESS OR FINISHED GOODS FROM, ANY COUNTRY THAT DOES NOT ALLOW FULL COLLECTIVE BARGAINING FOR WORKERS - WHETHER BEING ITS NATIVE CITIZENS OR IMMIGRANTS.
AMERICANS REFUSE TO PARTICIPATE IN A "RACE TO THE BOTTOM"!
So, in returning to the central issue, how is an "opportunity tax" rate of one-half of one percent derived as fair and reasonable?
It is based on 2004 website statements [no longer there] made by the Federal Reserve that they then processed some $3trillion payment transfers every business day. That means more than $750trillion of payment transfers annually that could be taxed..
Based on a 2004 statement, IRS claimed it then collected $2trillion for Uncle Sam that past year. Adjusting for current Federal budget needs of some $3+trillion, the proposed rate of 0.5% when applied to $750trillion should conservatively raise over $3.5trillion annually.
Now also with this uniform tax policy and method, Congress can no longer use the tax code as a secretive bribe/reward system for corporate and billionaire donations to their campaigns.
Also all immigrants would have to have a banking relationship and could not get one (or get a job either) if they were here illegally! So the illegal immigrant problem would end!
I am talking about essentially accelerating the current and obvious trend to a cashless society.
THE ESSENTIAL POINT AND INGREDIENT IS FOR PROFITS FROM THIS NEW SYSTEM TO BENEFIT THE WORKERS OF AMERICA AND NOT THE BANKSTERS!
NOW HOW IS THAT FOR THINKING "OUTSIDE THE BOX" AND BEING A " PARADIGM SHIFT"?
The graduated income tax concept is hated by almost everyone for its complexity and inequality and division of the American public into competing special interests.
And it is observably and grossly ineffective, as long as CPAs can dream up deductions and other tax scam dodges.
Middle-class American families are tired of being the last ones to be considered by business and by their government - and I am sure Michael Moore would agree with me and so would Ralph Nader.
So let us REBUILD AMERICA!
CARING MORE ABOUT INTERNATIONAL CORPORATION PROFITS THAN THE WELL-BEING OF THE AMERICAN PUBLIC IS TREASONOUS, IN MY HUMBLE OPINION.