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- Pass the Middle Class Tax Relief and Simplification Act, which will reduce the number of tax brackets from seven to four and lower income taxes for all. The highest earners would pay a 25 percent tax. Individuals earning less than $25,000 per year or couples earning less than $50,000 would not be charged income tax, although they would have to file a one-page form with the IRS that states: “I win.”
- Eliminate the carried interest loophole for Wall Street, the federal estate tax, the alternative minimum tax and the so-called marriage penalty that affects some high-income earners. Continue to allow taxpayers to deduct mortgage interest and charitable donations from their taxes.
- Impose new taxes on imports into the country from companies that used to be based in the United States.
- Collect unpaid taxes, which could be as much as $385 billion per year.