Pro-Growth Tax Reform Now to Win 2016 for America
US Representative Paul Ryan
Chair, House Ways and Means Committee
Washington, DC office Phone: (202) 225-3031
1233 Longworth HOB Fax: (202) 225-3393
Washington, D.C. 20515
Dear Honourable Chairman Ryan
Good to hear and see you on Meet the Press today. Hope to hear and see more of your pro-growth economy and jobs message for all Americans.
It seems Wisconsin common sense is making news now with Messrs Priebus, Walker and you leading the way.
I am contacting you regarding a fourth Wisconsonian from Madison, to get his big good idea accomplished for all of America's benefit.
I incubate small businesses to grow them to create more productive jobs. Twenty years ago I taught at Stanford University while working at a leading financial firm and helping start a medical device company.
I gave published testimony on the Constitutional flat tax to your predecessor Bill Archer at House Ways and Means re simplifying the IRS code with a flat tax to make it more constructive.
I served President Ronald Reagan on the Task Force that lowered tax rates to increase economic growth and jobs.
I worked with Newt Gingrich for Contract with America reforms.
My one regret was we did not stop government debts and deficit spending like Andrew Jackson, the last President to pay off all US Debt in 1836. We can do it again.
Over the last twenty years I came to agree on reforming the IRS with a simple flat tax in existence since 1694, now in forty countries, endorsed by the IMF, multiple Nobel Laureates in Economics, Presidential Economic Advisers and presented to the President's Advisory Panel for Federal Tax Reform in April of 2005.
In 1936 mathematician John Maynard Keynes endorsed this tax when he wrote, “the situation is serious when enterprise becomes the bubble on a whirlpool of speculation."
We now suffer a stock market that left our economy and many Americans far behind.
Our Constitution requires our taxes to be uniform and encourages them to be voluntary, not punitive, in order to form a more perfect union.
Pundits claim Wall Street opposes the fair, uniform, 28 basis point (0.0028) automated payment transparent transaction tax (APTTT) for impeding the “free market” flow of automated algobot trading, putting US Capital Markets at disadvantage. That is, until they are reminded global exchanges in the USA already have a mandated SEC Section 31 transaction tax of 43 basis points (0.0043), adjusted up or down by volume.
What we are now proposing is 21st Century technology replace the antiquated convoluted tortuous IRS tax code with a smaller fair uniform Automated Payment Transparent Transaction Tax (APTTT) on every financial transaction in America, to replace the hundreds of billions of dollars and hours spent on a politicized unproductive IRS tax code.
Consider the growth released when, instead of filing 10% to 39.6% IRS tax code income taxes and penalties that cost $200 Billion in lost American productivity for stealth wealth transfer, costing $13 billions more for enforcement, in 2015 and thereafter, Americans, churches, corporations, foundations and unions see voluntary APTTT 0.0026 tax donations on their receipts and are not forced by government at the point of a gun to file tax returns or buy special interest protection from legislation by expensive lobbyists.
Imagine the unchained American giant leading the world once again by constructive example, instead of adopting outdated failed central planning models.
The Federal Reserve's Survey of Consumer Finances found high income wealthy individuals undertake a disproportionate volume of transactions, since they own a disproportionate share of financial assets that have relatively high turnover rates. Thus some claim the fair and uniform APTTT is progressive like the present IRS tax code.
In any event, APTTT is a far more effective productive tax because APTTT is broader, fairer, flatter, simpler and uniform.
APTTT encourages people to save their assets and income for more productive uses than the present casino economy speculation, a defacto wealth transfer from middle income to rich. Having downsized the middle class for fifty years, first with upward mobility, now by political economic force, with 37.8% of Americans pushed out of the workforce, it is past time for a constructive universal peaceful rational revolution.
University of Wisconsin–Madison Professor Emeritus of Economics, Dr. Edgar L. Feige, calculated APTTT may generate more revenues than the current tax regime with APTTT’s ultra low tax rate encouraging more economic transactions.
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."
Thus a fourth Wisconsonian offers a realistic way out of our present economic morass. I pray the new Republican House and Senate have the way, will and wit to prepare for a freer more prosperous Presidency and America in 2016 with APTTT.
PO Box 1018, Crystal Bay, Nevada 89402-1018
Cc: Economics Professor Emeritus Edgar L Feige
6118 Old Sauk Rd. Madison, WI 53705
Cc: Larry Kudlow, Senior Contributor, CNBC, Kudlow & Company, LLC
301 Tahmore Drive, Fairfield, CT 06825
301 Tahmore Drive, Fairfield, CT 06825