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Transcript proposed by Alf Temme, 8137 Lankershim Blvd, North Hollywood,
California, USA 91605 phone (818) 787-6460 email: [email protected]
greater certainty for taxpayers to contribute by way of coding their bank accounts with
instructions for payment of charity allocations within the collected tax.
Treatment of home ownership
The provisions associated with home ownership for interest write-off and capital gains
allowances when selling a home under our current totally sick income tax system are
amply offset by the UniversalTax reform proposal by the fact that there is no capital gains
tax component and there is a vastly reduced transfer tax on large money transfers of
incrementally larger monetary value. The total tax amount paid on total money income by
a wage earner or salaried person under the UniversalTax is exactly 5% and no more of
total money deposits (or whatever exact tax percentage is determined to be appropriate
after “road testing” the UniversalTax). That is a very low percentage as compared to the
percentage of income paid in income taxes by the average home owner under the current
income tax system.
II. Impact of Proposal Relative to Current System . The description of the tax reform
proposal should include an explanation of how it compares to our existing system in terms
of the following factors:
simplicity (including transparency and stability)
economic growth and competitiveness
compliance and administration costs
Simplicity (including transparency and stability)
The UniversalTax is exceedingly simple in that it requires no record keeping and tax filing
for individuals and 90% of businesses. It is also totally transparent in that it is a very
straight forward percentage deduction of tax from money transactions as described
above. Stability is extreme in that this system is very little affected in terms of total
revenue collected during economic downturns and upswings. Our current income tax is
completely the opposite in terms of simplicity, transparency and stability.