Eliminating Personal Taxation
Around the world, countries collect taxes in different ways. Without a way for the people to control how they are taxed, tax offices have been causing terrible harm when people are unable to pay.
However, there’s a simple idea that could work for all: Stop taxing people’s personal income, and all taxes on retail goods and services. This will immediately eliminate multiple hidden taxes on the same product or service as it moves through the supply chain.
Instead, have businesses pay a small percentage tax every time they move money through a bank. This could make life easier and fairer for everyone.
Here’s how it could work: Governments would no longer take a portion of money from people’s earnings. Stopping all taxes would include all hidden taxes on untold goods and services. People will have more money in their pockets, boosting the economy and creating a dynamic economy.
We propose that businesses pay a small percentage tax on each bank transfer. The taxes would be deducted automatically by software installed in the banking system, and all the tax money collected will be sent to the government General Revenue for the Federal government to manage.
What rate should the tax be? This is a decision for the people to make. To arrive at a rate that will fund the government, a budget panel of experts could consider the national requirement and present the findings to the public. This percentage should be chosen to ensure governments still get the funds needed to run efficiently, without putting too much financial pressure on companies.
Why this makes sense:
- It’s Fair: Businesses, especially big ones, move a lot of money through the banks every day. A small tax on these transactions could raise enough money to run the government, providing more cash in the people’s pockets.
- A flat tax stops corruption: Automatic electronic tax collection ensures the government receives all taxes due, and international companies cannot avoid paying tax.
- Bank Oversight: The banks become responsible for installing and maintaining the tax collection software, and for ensuring financial security is not compromised.
- More Money for People: If individuals keep all their income, they’ll have more to spend or save, which will help the economy grow.
- A Simpler System: Collecting tax only from business bank transfers is easier to manage than tracking everyone’s personal income. Individuals will no longer need to file tax returns each year. Businesses will no longer waste time and energy filing tax reports; they can devote all their time to their business instead.
Countries could also add taxes on imported goods, called tariffs, to bring in extra money while supporting local businesses. This idea respects people’s right to keep what they earn and uses a country’s ability to create fair rules for funding its needs.
Every nation is different, but this basic plan—scrapping personal taxes and taxing business bank transfers at a set percentage rate, could be a starting point. It’s a way to build a system where people keep more of their money, businesses contribute to the financial growth of the nation fairly, and governments still have what they need to run.
How the Government manages the General Revenue
Here’s why this idea makes it suitable for all countries to consider:
The money collected from the percentage tax on business bank transfers will be shared with regional governments. Each year, these regional governments will create a budget plan and send it to the central (federal) government budget committee, which will carefully review these plans, working closely with each region to make sure the funds are divided fairly based on their needs.
If a regional government overestimates or underestimates its budget, its finance team will need to explain why to the federal budget committee. If the explanation shows a real need, extra funds can be provided.
At the end of the year, any money that a regional government hasn’t spent will be returned to the central government’s general fund to be used for the country’s future overall needs.
This process ensures fairness, accountability, and efficient use of resources across all regions.
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