My plan eliminates the need for the majority of the IRS and the endless tax laws. This plan eliminates a need to file taxes for over 50% of all Americans. That also means that there will be no need to expect refunds for that 50%. This plan also lifts citizens out of poverty - how? If you are a single filer making under $125,000.00 a year, there is no Federal payroll tax, if you are a joint filer making under $300,000.00, same deal.
Citizens who meet the guidelines and do not need to file taxes will file a simple affidavit that they have met the income guidelines.
Corporate Taxes: We need to remove loopholes.
Facebook generated $86 Billion in gross revenues in 2020, Amazon $232 Billion. According to Forbes, the top 60 companies paid no taxes, Amazon received a $129 million dollar rebate last year with an effective tax rate of minus 1%. These companies do pay millions in taxes that go directly into the tax system through matching payroll taxes, local taxes and more, so it's a bit deceiving to say they pay no taxes at all. We do not want to kill businesses, but they should not be receiving $129 million in tax rebates either when they boasted billions in profits.
For small business, under 100 employees and the self employed, you are not being left out. This looks to include no matching Federal level taxes, the ability to OPT OUT of the SSA system and more.
Taxes on capital gains, retirements, death taxes and more should be eliminated. Taxes on Social Security will need to go as well.
To end this, I believe taxation is theft of earned wages, but we know taxes will never end. We must compromise with each other to reduce the tax burden while still funding some of the Government and programs needed for society and protections of our home soil.