JANUARY 9, 2013
Common citizen writes a revolutionary tax bill that eliminates the IRS, restarts the economy and balances the budget without raising taxes on any citizen
Citizens are crying, “Everyone should pay their fair share” and now citizen-statesman, Stephen Redden, has figured out just how to do that. It’s a long name for a good reason. The Fair Share Tax – National & State Transaction Tax System. www.MyFairShareTax.com
CLEARWATER, Fla. – You have heard it a millions times, “I wish I had a nickel for every time a car goes by.” That was the seed for the idea that lead, Stephen Redden of Clearwater Florida, to write a bill that does exactly that. OneFair Share Tax for the Federal taxes and for states too.
After living in Florida, a state with no income tax, it was easy for citizens to pay as you go, without forms or red tape, almost prefect. Then Redden started to do research to see what kind of revenue the nation could produce if all transactions from every segment of the economy were taxed a small 4 to 5 percent. It worked. The next problem he had to solve was as plain as the nose on your face, everyone had to have a debit card and bank account (and most already do), so as to easily collect the low percentage Transaction Tax from all individuals, citizens, non-citizens and businesses. Plus, retailers and businesses that sell goods are already setup to collect a sales tax and this new tax.
Liberty, Justice and One Tax for All … The National Tax Constitution
(Citizens, Corporations, Businesses, Non-Citizens, Even Underground Economy All Pay One Tax!)
Yes, everyone needs to pay his or her fair share of taxes for having the privilege of being a citizen or owning a business in the United States. “There is no greater place I would rather live”.
The old system is failing us and cannot be repaired. You cannot blame the good people at the IRS; they did not make this system, they just work there.
Everyone Agrees! Democrats, Republicans, Tea Party, Independents, Liberals, Conservatives, even IRS agents, agree our Tax System is way too complicated.
"The federal tax code with its 44,000 pages, 5.5 million words, and 721 different forms is apatchwork maze of complexity and a testament to confusion over common sense."
Nine out 10 tax payers (Citizens) could not fill out their taxes forms if the wanted to!
Don’t be fooled by the Flat tax, every flat tax turns back into the tax system we know today, with exemptions, complex forms and Red Tape. Our existing system started off has a flat tax.
Go to states like Florida, wherethere is no income tax and look how smooth the state sales tax system works, the closest working system for a national tax solution. However, a sales tax system punishes consumers and the retail industry.
A Simple Tax Code Imagine one tax system that solves all our tax problems, balances the budget, finances health care and starts to pay down the national debt.
A Code That Creates More Disposable Income Strength in numbers; by spreading taxes evenly across all segments of the economy everyone pays their fair share lowering the middle classes unfair share of paying most taxes. Creating more spending which can help to create more jobs.
Preamble: Citizen’s Referendum Laymen’s Bill/Amendment
FAIR SHARE TAX - The National Transaction
Tax– Debit Card-Electronic Banking System …
Will replace all taxes or national financial collection systems for all/every/any revenue from citizens, non-citizens, or United States businesses that fund our Federal Government.
The Fair Share Tax Bill:
The United States in order to lower cost of operation of the Federal Government, make collection of taxes more fair and efficient, create an environment in which all citizens and businesses are taxed fairly, a tax that will be a minimum burden to our economy and adapt a new tax system, called the National Transaction Tax-Debit Card/Electronic Banking System, that will balance the budget and start to pay off the national debt.
Benefits of the tax reform:
Eliminates Punishment Taxes (Cigarette taxes, Liquor taxes, Gambling Taxes, Tourism Tax, Gas Tax, etc.), which is unfair to those industries
Even distribution of taxes across all business segments and individuals
Government goes on a cash system, no more late or unpaid taxes
No more printing “funny money” that devalues our economy and prop government spending
Only one tax for all transactions for all business segments
Elimination of one segment of government – IRS
Eliminates hundreds of the laws on the books
Eliminates Tax Courts and incarceration
No punishment for personal success – No taxing income
Taxes will never have a negative impact on one segment of business
Eliminate inheritance tax
Eliminate capital gains tax
Low rates of Transaction Tax will give the middle-lower class more disposable income
Finances the National Health Care plan
Cash system, taxes are collected thru existing infrastructure - bank system
Stabilizing the economy by eliminating future taxes or unexpected taxes
No more income tax withholding system that makes business owners the nation’s tax collectors
Tax Rights - Only one tax, no other federal taxes. This law will become an Amendment.
No tax forms, tax returns or extra expenses for businesses or individuals needed due to having tax accountants
No more tax evasion ... All people have to pay this tax, no under ground economy ... i.e.illegal drugs
Creates National Sub-Identification System
All illegal activities will be subject to taxes
All U.S. citizens, businesses and individuals will issued a free debit card bank account for deposit of all revenue
No more deductions or loop holes
Eliminating TAX law punishment
Elimination of the Federal Mint and phase out currency
Eliminates all other Federal taxes
Taxes will no longer be a political issue
Note: printed money will be stored to the amount of the starting value for the U.S. dollar and emergency use only.
Did you know the total value of the United States is $188 trillion?
The Bill/Amendment
There will be only one Federal Tax across the land for collecting all taxes from U.S. Citizens, non-citizens and businesses.
The National Transaction Tax will be imposed with (to be determined) a percentage/point for all financial transactions in the United States.
In cooperation with state, city, county, and regulated financial institutions, the National Transaction Tax will be collected at the point of sale, purchase, or transfer of all money, using existing sales tax systems or bank deposit systems.
All citizens and businesses receiving income/revenue will be required to have and maintain a Debit Card-bank account for tax collection.
All financial transaction across all segments of the economy will be taxed, except for cash transfers inside personal accounts.
The rate will not exceed 8% per transaction.
A Fair Share Tax committee appointed.
Small, multiple transactions, such as day trading stocks, will be subject to a lower percentage rate as not to have an negative economic impact on that segment of the economy.
In the event of a surplus tax revenue the senate shall automatically adjust the rate to only fund the budget and the amount of repayment.
If individual fails to pay taxes, upon notice, the individual will pay the outstanding tax immediately or be subject to levy or garnishment, but NOT criminal punishmentor additional fines.
If citizenor business defrauds, or embezzles tax funds, the citizen or business can be subject to repayment, fines, interest, and/or up to 1 year in House Arrest first offense.
Second offense can be subjected to additional 5 years house arrest.
There will be incarceration for tax offenses as to let the individual to keep contributing to society,
and pay their own way.
This law will be put into full effect 1 year or sooner from signing of this bill.
This bill will also serve as an amendment to the constitution making any other Federal Tax or Tax System illegal.
The Patriot Tax Bill/Amendment
Additional windfall tax, know as the Patriot Tax is administered as the above The Fair Share Tax, but for extraordinary revenue and profits.
Any individual or business that has extra revenue over $1,000,000 will be subject to an additional 10%. This would raise an additional estimated $600 Billion.
This law will be put into full effect 1 year or sooner from signing of this bill.
There will be a committee appointed to administer the full process.
With in the first days of enactment banks will set up aFair Share Tax Account and deposit the tax into that account.
All businesses selling goods and services will charge aFair Share Tax on every invoice going forward.
All citizens, non-citizens and businesses will have to get an authorized Debit Card and Bank account.
All citizens, non-citizens and businesses will deposit all cash, income and revenue and will be charged the new tax.
Businesses will cease to withhold payroll taxes and social security payments.
The IRS will be converted to the Fair Share Tax Collection Office.
A cash to electronic banking conversion plan will be developed.
The bill will be passed first and after full implementation will be made an amendment.
All industries without standard payment transactions will comply to the definitionof a transaction. For example, but not limited to: gambling, monetary gifts,trust.
All Federal VAT taxes, Sin taxes, capital gains taxes, and inheritance taxes, will automatically cease.
GDP |
$15,800,000,000,000 |
4.90% |
$774,200,000,000 |
Personal Income |
$13,000,000,000,000 |
4.90% |
$637,000,000,000 |
Non GDP |
$750,000,000,000 |
4.90% |
$36,750,000,000 |
Underground Economy |
$300,000,000,000 |
4.90% |
$14,700,000,000 |
Second Hand Sales |
$300,000,000,000 |
4.90% |
$14,700,000,000 |
Benefits Transactions |
$300,000,000,000 |
4.90% |
$14,700,000,000 |
Unreported Legal Activities |
$600,000,000,000 |
4.90% |
$29,400,000,000 |
US Overseas Production |
$1,000,000,000,000 |
4.90% |
$49,000,000,000 |
Import Transactions |
$1,100,000,000,000 |
4.90% |
$53,900,000,000 |
Non GDP Export Transactions |
$300,000,000,000 |
4.90% |
$14,700,000,000 |
Stocks, Bonds, CDs |
$64,000,000,000,000 |
2.00% |
$1,280,000,000,000 |
TOTAL TRANSACTIONS: $97,450,000,000,000 $2,919,050,000,000
If you would like more information about this topic, or to schedule an interview with Stephen D. Redden, call 727-776-3316 or email [email protected]THE FAIR SHARE TAX
1433 SOUTH FORT HARRISON AVE, SUITE C
CLEARWATER, Florida 33756
United States
