This week Darcy Savage joins me, Michael Higgins, as we welcome back Jason Kraus. Jason Kraus is seeking the office of United States Senate of California. He doesn’t want a dime in campaign contributions, promises to serve only one term if elected and WILL NOT TAKE A SALARY!
Please join us as we talk specifics of his Personal Responsibility Act of 2017. Jason explains in detail, why he deems it necessary to not only abolish the Federal Income Tax but replace it with a consumption-based tax system. Below is an excerpt from Jason’s P.R.A. of 2017 regarding his tax plan:
The U.S. Personal Responsibility Act of 2017
(1) All federal income tax shall be abolished. No tax shall be levied on anyone or anything, including or pertaining to income, capital gains, death, payroll, alternative minimum, corporate, etc.
(2) A federal consumption tax will be instituted in the place of federal income tax. All products sold or services rendered will be subject to the federal consumption tax unless exempt. A list of exemptions will follow.
(3) Federal Consumption tax rates are as follows:
All products/services purchased at or under $500.00 will be taxed at eight percent.
All products/services purchased at $501.00 to $5,000.00 will be taxed at 10 percent.
All products/services purchased at $5,001.00 to $20,000.00 will be taxed at 12 percent.
All products/services purchased at $20,001.00 and over will be taxed at 15 percent.
These rates cannot be increased or decreased without an enactment of a new law voted on and passed by the Congress and signed into law by the President of these United States.
(4) Exemptions are as listed.
(a) All fresh fruits and vegetables (nothing canned), nuts (unsalted), refrigerated meat and dairy (excluding anything with added sugar or sugar substitutes) will be tax free.
(b) The purchase and ownership of one (1) residential house (home) will be tax free. The tax-free allocation does carry to the next home as long as previous home is sold within a 90-day window. All other purchases of homes will be taxed at allocated rate.
(c) All stocks, mutual funds, exchange traded funds, bonds, etc., will only be taxed at time of purchase and not at time of selling.