The Harrison Tax Plan will:
1) Simplify the tax system, reducing it from over 4 million words on over 2,700 pages with tens of thousands more in explanations to less than one page;
2) Provide tax relief for low and middle-income individuals and families;
3) Reduce the need for tax audits costing taxpayer money;
4) Allow for reasonable charitable, child, college, and medical deductions;
5) Minimize the invasion of the IRS into the lives of Americans; and
5) Reduce the corporate tax rate to promote companies doing business in America.
INDIVIDUAL/FAMILY TAX STRUCTURE:
5% TAX RATE: $49,999 and below
10% TAX RATE: $50,000 to $249,999
15% TAX RATE: $250,000 to $999,999
20% TAX RATE: $1 million and above
· Charitable Giving Deduction: May be used to reduce an individual or family’s income by the amount given to charity for tax purposes up to 10%.
· Child Deduction: $500 per child allowed to reduce an individual or family’s income for tax purposes.
· College Tuition Deduction: $500 per child enrolled in college allowed to reduce an individual or family’s income for tax purposes.
· Medical Deduction:
o Individual: $1,000 credit if expenses are above $1,000 annually to reduce an individual or family’s income for tax purposes.
o Family: $2,000 credit if expenses are above $2,000 annually to reduce an individual or family’s income for tax purposes.
CORPORATE TAX: Corporations will pay 12% with no deductions. The lower tax rates will encourage companies to stay in the US and not shelter assets in foreign countries.
CREATE A 1 PENNY PER DOLLAR NATIONAL SALES CONSUMPTION TAX 100% DEDICATED TO PAYING OFF THE NATIONAL DEBT: While I am NOT for additional taxes, I do understand that we are at an unprecedented time financially and it requires an unprecedented approach to tackling the national debt. Every American bears the responsibility for our national debt, to correct the course of our perpetual financial mismanagement by the federal government. The 1 Penny National Sales Consumption Tax will help pay off the debt, without putting a significant hardship on any one individual.
Provisions for the National Sales Consumption Tax:
1) Based on historical analysis, a 1 Penny National Sales Tax would result in approximately $450 billion in additional income annually. As consumer confidence and spending continues to grow, the amount to be applied toward the debt will only grow.
2) Every penny that comes in MUST be applied to the national debt; NO EXCEPTIONS!
3) The federal government MUST reduce the annual federal budget to match each dollar from the previous year that comes in so we can double up to pay off our debt. With the $450 billion projection and matching provision, it will still take approximately 22 years to pay off the national debt.