ii iv viii	Merry Christmas and Happy New Year NEW - In 2016 the 2-4-8 Tax Blend will become 2-4-8 Tax Choice The "choice" would allow all taxpayers to choose an income tax rate between 8% and 28% paired with a net wealth tax rate of 2% going down to zero. Wealth taxes paid would reduce Estate and Gift taxes (also set at 28%). This would encourage wealthy individuals to pay some net wealth taxes as a form of inexpensive life insurance.	Wealth 0% 0.5% 1% 1.5% 2%	Income 28% 23% 18% 13% 8%
		Business C - Corp	4% VAT 8% Income

Mr. Hastert is a former Republican speaker and Mr. Gephardt is a former Democratic majority leader of the US House of Representatives

... it is clear that a return to normal growth rates alone will not fix the US’s structural flaws. ... Washington must have a thorough debate on fundamental tax reform. ... The current haphazard pattern of extending expiring tax provisions, delaying ominous provisions such as the alternative minimum tax and adding new complexity almost every year, simply cannot be sustained. ... There have been large amounts of time and effort devoted to this area and there is no shortage of ideas. ...

2-4-8 Response: My Tax Reform Dare

“… Washington must have a thorough debate on fundamental tax reform. We are unaware of a single American that is satisfied with the existing tax structure.”

The 2-4-8 Tax Blend is a better way to tax because it adds: a VAT ($10 trillion base) and net wealth tax ($53 trillion base); to the income tax ($13 trillion base). The Bowles-Simpson Commission was not permitted to consider these tax bases and congress apparently does not think the economy is important enough to even study the options. The tax blend is simple, efficient and so fair that it does not give a partisan advantage to either Democrats or Republicans. It is balanced to help everyone prosper and to pay more taxes only as they do.

For Business: 8% corporate rate and 4% VAT - (“tax perfection” with no downside)

For Individuals: 8% individual rate and 2% net wealth - [excluding $15,000 savings and all retirement funds]

It produces $500 billion more in revenue [about 18.5% of GDP] with no need for payroll, estate, and capital gains taxes or deferral of foreign income. This simple tax code creates an economic ecosystem of sustainable growth and investment freedom. With no (Democratic) government stimulus or (Republican) tax expenditures, a typical family would save or spend $640 more per month, business would add jobs to meet the increased demand and owners would reap handsome profit by keeping 92% of income.

After six months of writing over 200 blogs and comments; no person has identified a legal, logical or economic flaw outlining why the 2-4-8 Tax Blend would not produce sustainable economic recovery. If anyone can demonstrate why this tax reform will not work I will take down my web at www.TaxNetWealth.com. Please note that I do not consider making it too easy to tax or fears of runaway congressional spending as valid objections to any tax plan.

Eugene Patrick Devany, JD, MPA

P.S. I intend to collect and reply to responses to this "dare" by posting a web page. Names and contact information of those responding will be kept confidential unless requested otherwise. I thank you in advance your your consideration of the 2-4-8 Tax Blend.

 

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Copyright 1985 to 2015 by Eugene Patrick Devany