www.RonTravisSr.com by Ron Travis
INCOME TAXES

"The Income Tax System Should be Simplified and Competitive With The World, While Motivating Companies and Individuals to Save and Invest, and Build and Buy American Products".

  1. The flat tax or other type of Sales tax will only add another type of tax. It will not resolve the real issues of cost cutting.
  2. Everyone should participate at least 5% in order for them to have "skin in the game" and be a part of the greatest economic miracle in the world.
  3. The tax rates should be progressive based on the principle of, "to much is given, much is demanded". Blessings of added income should be shared.
  4. Rates should be reasonable in order to compete with the world.
  5. Goods brought into the United States that are manufactured outside of our borders should be taxed at an additional and special tax to compensate for the difference in the the Safety - Environmental - and Minimum Wage requirements between the US and the manufacturing company. This rate would be determined for each country, but would probably be 10 to 20%.  
  6. I would reduce the tax on repatriated taxes to 15% to allow the overseas profits to be returned to the United States at the lower rate versus the current 35%.
  7. I would leave the capital gains tax at 15% and continue to include dividends being taxed at that rate. 

  8. The estate and gift taxes should be eliminated completely to allow for better transfers between generations of wealth that has been built up while paying both corporate and individual income taxes. This will allow family owned businesses to concentrate on building their business without keeping one eye on the estate and gift tax code.

  9. Depreciation on new buildings and equipment should be simplified to write off equipment over five years and buildings over fifteen years using straight-line depreciation. This will simplify the depreciation rules and provide the necessary capital to keep this investment efficient and updated.

  10. The tax rates for individuals should be reduced to three rates: 5% - 15% and 25%. This would stimulate the economy and make sure everyone participates at least 5% toward our common goals for the Federal government.

  11. A standard deduction, or itemized deductions should be continued for home ownership (interest and property taxes), and charitable contributions.

  12.  There should be no distinction in rates between single and married individuals.

  13. The rest of the tax code should be eliminated to reduce the cost of preparation of tax returns and the cost of the Internal Revenue Service.

  14. PROPOSED CORPORATE AND INDIVIDUAL FEDERAL INCOME TAX RATE SUMMARY: Standard deduction as an option to itemized deductions = 10% / First $25,000 of income = 5% Federal Income Tax rate / Next $75,000 of income = 15% / Income over $100,000 = 25% / Capital Gains & Dividend rates = 15%.