Fair Tax

All income regardless of source considered the same for tax purposes. Wages, dividends, capital gains, inheritance, all forms of income received during the tax year treated the same. If payer deducts as expense, payee declares as tax. All receipts are reported by payer. No deductions except standard deduction of 33% of gross income. In the event of catastrophic loss (ie fire, flood, etc.) uninsured amounts in excess of 33% of gross income may be deducted as catastrophic loss. In the event of catastrophic medical expense uninsured reimbursements in excess of 33% of gross income may be deducted from gross income. Minimum tax of $52.00 per year for everyone with a Social Security number(even with 0 income). Tax rates for a single person on gross income, less 33% standard deduction: $1.00 - $10,000: $52.00 + 5%, 10,001 - $50,000: $552 + 10% over $10,001, $50,001 – $250,000: $4,552 + 15% over $50,001, $250,001 - $500,000: $34,552 + 20% over $250,001, $500,001 - $1,000,000: $84,552 + 25% over $500,000, $1,000,000 - $5,000,000: $209,552 + 35% over $1,000,000, $5,000,000 and above: $1,400,000 + 50% 0ver $5,000,000. Adjustments for married should be applied to the above brackets.