FLAT INCOME TAX

What happened to the FLAT INCOME TAX movement ? Reality seems to have prevailed over the simple idea.

The reality of the flat tax was discovered. Special interests made the tax system extremely complex. We are now locked into the Mortgage Interest deduction until the end of the life of the Mortgages that are covered by the deduction. Many homes are government subsidised through the Mortgage Interest deduction. That's Socialism not Free Enterprise Democracy.

In review, the Mortgage Interest deduction should have a maximum ceiling amount placed on the deduction. A fair way might be a standard mortgage deduction per person residing in the mortgaged premises. The exact amount of the deduction would require a review of a number of factors.

After the Mortgage Interest deductions are calculated with a ceiling, and other tax deductions that are abused are minimized, a fair FLAT INCOME TAX could be simple. Thus >>> Gross earnings minus standard deductions equals net earnings. Net earnings times the flat tax rate equals tax due. Tax due minus tax paid equals tax payment due to government or tax refund due to taxpayer. With a simplified process, our tax returns could almost be done on a Post Card. ( Ross Perot had a great idea with the flat tax, I think it's still great idea if it's done properly. )

For a flat tax to work there need to be several factors in place at the same time. We need to be fair to the tax payers and we also need to be fair to the needs of the State of New Jersey. "Facilitate progress in ways that benefit everyone."

Please support me and help change our course.