When he appeared on Robert Potters Victory of the Light radio show on Revolution Radio on Sunday, June 29, 2014, US presidential candidate Andrew D. Basiago stated that as President he would seek to enact a bold and revolutionary tax plan called The One Tax. Under this tax plan, all taxes at the federal, state and local levels would be eliminated and replaced with a 1% tax on withdrawals from federally insured banks. If this tax plan had been implemented in 2013, it would have raised $52 trillion for the federal government, which would then have distributed 50% of the net revenues to the states on a proportional, per capita basis based on state population. His plan would virtually eliminate the burden of taxation from the people and businesses alike, Basiago stated, as taxation would occur at the point in the economy where it is most appropriate, which is when individuals and businesses remove money from the banking system, making it unavailable for savings, lending, and investment. -- The Host
Posted on: Mon, 30 Jun 2014 08:35:01 +0000
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