The 1% Solution is true tax reform in the 21st century. The book will revolutionize the way we pay taxes. The beauty of the 1% Tax Solution is that it virtually eliminates all Federal taxes on middle class Americans. It gives the middle class temendous economic savings. I have come to believe this is the book's crowning achievement.
Imagine the economic system of America contained inside a huge fifty story building. The first floor contains the wages of working Americans, consumer spending, mortgage payments, and so forth. The remaining forty-nine floors consist of all non-consumer spending such as business to business transactions. Money can, and does, flow in any direction on the same floor or between floors. Virtually all the federal taxes are collected on the first floor only. Ninety eight percent of the building has little or no tax burden. The "1% tax solution" transfers one-half the federal budget from the first floor to the other forty-nine floors. Taxing transactions a very small percentage over the entire building protects Americans on the first floor (everyone who works) from paying oppressive and excessive taxes.
If taxes are not collected on one-half of working Americans, what about the other half? High-income wage earners will actually pay a little less in income taxes. The remainder of the Federal budget is obtained by collecting a transaction tax of one penny every time five dollars changes hands.
The simplicity and fairness of the "1% tax solution" will bring trust and integrity back to the political arena.
Sounds too good to be true?
When a system is slowly corrupted over generations, it seems normal; but propose a fair and just system and it seems outrageous.