Tax official Adam Smith wrote in 1776 in Wealth of Nations that lower tax rates produce higher revenues. Kennedy and Reagan proved it by doing it.
Most Americans have known for generations our complicated tax system is broken, inefficient, political, punitive, uncompetitive and unproductive.
In 1994 we gave published testimony to Bill Archer's House Ways and Means Committee on Reforming Complicated Income Taxes with a single 10% flat income tax, proportional and uniform as mandated by our Constitution.
Hong Kong has had a flat tax for a long time, and it's been the world's fastest-growing economy over some 50 years
Putin, with his KGB PhD in Markets, then adopted a 13% Russian flat individual tax and 24% flat corporate tax.
The result was Russian tax revenues grew 50% in the first two years:
Russia went from a broken economy to 5th in the world in financial reserves and 3rd in the world by trade surplus:
America did nothing to fix taxes and our economy is indebted and stalled in real terms.
The USA, world's largest creditor under Reagan, is now the world's largest debtor, with $151,340 Federal debt per taxpayer, $757,330 US debt per family and $120 Trillion in unfunded liabilities like social security, healthcare and welfare transfer payments:
Twenty years of practical business and financial experience later, we conclude the APTTT Automated Transparent Transaction Tax proposed by Nobel Laureates in Economics and University of Wisconsin Economics Professor Emeritus Edgar Feige, can take the USA from present failing falling casino economy to productive economy with jobs growing by leaps and bounds.
With APTTT we will unleash our full economic freedom and potential, if we are able to overcome unfounded fears, inertia and opposition of Wall Street that bailed itself out on the backs and in the pockets of working taxpayers.
Automated Payment Transaction tax
From Wikipedia, the free encyclopedia
The Automated Payment Transaction (APT) tax is a proposal to replace all United States taxes with a single tax (using a low rate) on every transaction in the economy. The system was developed by University of Wisconsin–Madison Professor of Economics Dr. Edgar L. Feige.
The foundations of the APT tax proposal—a small, uniform tax on all economic transactions—involve simplification, base broadening, reductions in marginal tax rates, the elimination of tax and information returns and the automatic collection of tax revenues at the payment source. The APT approach would extend the tax base from income, consumption and wealth to all transactions. Proponents regard it as a revenue neutral transactions tax, whose tax base is primarily made up of financial transactions. The APT tax extends the tax reform ideas of John Maynard Keynes, James Tobin and Lawrence Summers, to their logical conclusion, namely to tax the broadest possible tax base at the lowest possible tax rate. The goal to significantly improve economic efficiency, enhance stability in financial markets, and reduce to a minimum the costs of tax administration (assessment, collection,and compliance costs). There is disagreement over whether the tax is progressive, with the debate primarily centered around whether the volume of taxed transactions rise disproportionately with a person's income and net worth. Simulations of the Federal Reserve's Survey of Consumer Finances  demonstrate that high income and wealthy individuals undertake a disproportionate volume of transactions since they own a disproportionate share of financial assets that have relatively high turnover rates. However, since the APT tax has not yet been adopted, some argue that one can not predict whether the tax will be progressive or not.
Daniel Akst, writing in the New York Times, wrote "the Automated Payment Transaction tax offers fairness, simplicity, and efficiency. It may not be a free lunch. But it sure smells better than the one we eat now." On April 28, 2005, the APT proposal was presented to the President's Advisory Panel on Federal Tax Reform in Washington, DC.
- Income tax in the United States
- Sales taxes in the United States
- Taxation in the United States
- Tax reform
- Keynes, J.M. (1936). The General Theory of Employment, Interest and Money, Harcourt Brace, New York, NY.
- Tobin, James (July 1978). "'A proposal for international monetary reform',". Eastern Economic Journal 4 (3–4): 153–159.
- Summers,, Lawrence; Summers, V. P. (1989). "When Financial Markets Work Too Well : A Cautious Case For A Securities Transactions Tax". Journal of Financial Services Research 3 (2–3): 261–286. doi:10.1007/BF00122806.
- "ON THE CONTRARY; Dreaming Out Loud: One Tiny Little Tax". The New York Times. 2003-02-02.
- Feige, Edgar L. Taxation for the 21st Century (PDF). Archived from the original on 2007-07-04. Retrieved 2007-07-16.
- Feige, Edgar L. Starting Over: The Automated Payment Transaction Tax, Milken Institute Review:Journal of Economic Policy, 2001, Vol 3.(1) (PDF). Archived from the original on 2001-03-. Retrieved March 2001.
- Automated Payment Transaction Tax plan website
- The Transaction Tax official website at thetransactiontax.org
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