This is the most fair tax out there and would replace the local, county, state, and federal income tax, sales tax both nationally and in the states as well as corporate tax and property tax. Does that sound good? What is this amazing tax you ask. It is a 0.3% tax on all transactions. You go to the grocery store and buy $200 worth of groceries, you pay 60 cents and the store pays 60 cents. You buy a home for $300,000 you pay $900 in taxes and the seller pays $900. You go to the bank and take out $20 to pay the baby sitter, you pay 6 cents and the bank pays 6 cents.
This tax system would replace almost every tax we have right now, get rid of the IRS, make it so there isn’t a tax code (You don’t have to file taxes anymore) and we still pull in more money than all the taxes we have now combined. How does it do this? That doesn’t make sense.
The answer is pretty simple. The high taxes we pay is based on less than 1% of our total economy. That 1% is aimed directly at the upper middle class to the lower class working citizens. If you do the math, let’s say the total economy is $100,000 just to use manageable numbers and on average 55% tax is the total amount of taxes we pay for all of the above taxes I mentioned (It is actually closer to 75%). So, 1% of the $100,000 is $1000 and 55% of that is going back in taxes from us. That is $550 out of the total $100,000. Now let’s look at the other 99% of the economy which consists of Transfers & Money Saving Transactions, Stocks, Bonds, Options & Transfers, Foreign Exchange related transactions, and goods and services. Non of this is taxed right now except for a simple one time sales tax one some goods and services. Let’s use the same math and figure out how much the APT Tax would pull in. Remember that it is a .3% tax on both sides of every transaction so in reality it is a .6% tax total. So, $100,000 economy and now we are taxing all of it at .6%. That is $600. Yup, that’s more than the $550 we get now for paying 55%. The key to this tax is that it increases the tax base that is taxed. The 99% that isn’t currently taxed is the realm of the rich. Large money transactions, stocks, bonds, Options, foreign exchanges, and the goods and services taxed are within every company not just us paying when we buy something.
Is it worth a look to you? How does removing all of your taxes except for a 0.3% tax sound?