Dr. Carl Milsted, Jr., a theoretical physicist, proudly announces the development of a model of the existing tax system, demonstrating this system could be approximated by a simple two tier income system with per citizen prebate. The Simple Income Tax differs from most flat tax proposals currently offered by other think tanks in that it is, at minimum, as progressive as the income tax system currently in place. "In addition, this flat tax proposal combines all payroll taxes into one tax while treating capital gains as ordinary income," Dr. Carl Milsted, founder of — Finance and Freedom, declares.
Finance and Freedom understands that government is too big, the country remains in a recession, middle class wages need to go up, and America continues to face a number of other issues. The think tank works to find creative solutions to the current financial system, with the goal being to encourage responsibility, free agency, economic stability, more businesses, sustainable economics, and more time to enjoy life. "One way to achieve these goals is to simplify the current tax code, yet many Americans wonder if this can be done," Dr. Milsted explains.
Simplifying the tax code remains possible even while Americans continue to fund the government at its current level. While many feel that the Fair Tax would benefit the country, Dr. Milsted counters that The Simple Income Tax offers three major advantages. First, a government agency, the IRS, is already in place to handle an income tax. Second, an income tax features double entry accounting to catch tax cheats, unlike a national sales tax. Finally, the tax structure proposed by Finance and Freedom is more progressive than the system currently in place.
The think tank recommends combining FICA, Medicare and the personal income tax into one tax. Next, they suggest eliminating all deductions, other than those for charitable purposes and money put into universal savings accounts ( a topic to be addressed in the future). "These two simple steps go a long way to simplifying taxes for all Americans and, with the help of the prebate included in the system, the welfare system is also simplified. All Americans benefit, and that's what is important," Dr. Milsted states.
About Finance and Freedom:
Dr. Carl Milsted created Finance and Freedom, a one man think tank. to provide studies and solutions addressing the problems of concentration of corporate power, economic instability, and the growing wealth gap. The think tank looks for solutions designed to enhance economic liberty while simplifying government, and the vision remains neutral, rather than favoring one political viewpoint, yet is fun. The mission continues to be Capital for The People!
Release ID: 37616