National & Minnesota Report
Much in our lives is impacted by a lack of fairness in the tax system. When investment income is taxed at a different rate than waged labor, it sets up an us-versus-them structure. When the Social Security system has an artificial limit for 2026 of $184,500, and people are questioning if it will continue to exist for them, we have a major problem. In this instance, every single dollar of revenue should be taxed at the same rate no matter where it came from, and there should be no established cap whatsoever. We link the Internal Revenue Service guidance on the wage base here: https://www.irs.gov/taxtopics/tc751
The solvency of the system, which provides for all of our citizenry, is to have, as the Social Security Administration itself attests in its own basic purposes, “To provide for the material needs of individuals and families; To protect aged and disabled persons against the expenses of illnesses that may otherwise use up their savings;” then much more must be done. We link the Social Security Administration on its purposes here: https://www.ssa.gov/
If each element of our working society has as its appeal to leisure, which resulted in the 40-hour work week, vacation, and retirement, our common good is to embody these concepts.
It is through the tax system that nearly each and every person sees what the government takes from them. To this end, we believe the tax system should change dramatically. We support the creation of a fair tax system, basically one Steve Forbes advanced in his Presidential Campaign in his two unsuccessful campaigns for President in 1996 and 2000. We link background on Forbes and the flat tax here: https://www.britannica.com/biography/Steve-Forbes
Again, if every dollar of income is fully taxed without a cap, then the system can eliminate structured tiers and be fully reflective of this reality. It is not how much each individual pays in total, but rather the amount is irrelevant because each person pays the same amount proportionally. Thus, this removes the dependency on the largest group, the Middle Class, from disproportionately shouldering the greatest burden. The more one advances and improves oneself financially, the better off all persons are. The generational wealth need not be a target of a Death Tax, and everyone is treated the same way.
There also can be an application that does not commence until a specified income level, such as $150,000 per person, and this enables the system to be even fairer.
This means over the course of time, the tax system will even be able to reduce the tax burden by different percentages and also can increase it in a time of need such as targeting a portion of the collection to reduce the National Debt, which will reduce the inflation rate and the resulting interest rates.