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America First Tax Reform Act

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IN THE SENATE OF THE UNITED STATES

Senator Fitzgerald (for himself, on behalf of President Vang) introduced the following bill;

A BILL

To comprehensively reform the American tax code.

SECTION 1. SHORT TITLE.

(a) Short Title.—This Act may be cited as the “America First Tax Reform Act”.

SEC. 2. FINDINGS.

(a) The average household headed by a non-citizen cost taxpayers $6,234 in federal welfare benefits a year, which is 41% higher than the $4,431 received by the average native household.

(b) With roughly 4,684,784 non-citizen households in the country that amounts to $29.2 billion a year in federal welfare benefit payments.

(c) The average non-citizen costs local and state taxpayers $1,600 each when including taxes paid.

(d) With roughly 48 million non-citizens in the country that total in costs to local and state taxpayers is some $76.8 billion a year.

(e) Since 1979 the top 0.1% of earners in the country have seen their wages grow by 343.2% while the bottom 90% only saw their wages grow by 22.2% in the same period of time. Over 15 times more wage growth.

SEC. 3. NON-CITIZEN PUBLIC BENEFITS BAN.

(a) All public benefits are hereby restricted from usage by non-citizens.

SEC. 4. INCOME TAX CUTS.

(a) The current 10% income tax bracket is changed to 0%.

(b) The current 12% income tax bracket is changed to 5%.

(c) The current 22% income tax bracket is changed to 10%.

(d) The current 24% income tax bracket is changed to 15%.

(e) The current 32% income tax bracket is changed to 25%.

SEC. 5. CLOSING CARRIED INTEREST LOOPHOLE

(a) Beginning in the year following the enactment of this act, carried interest shall be taxed according to existing laws pertaining to income taxation.

SEC. 6. FICA CAP ELIMINATION.

(a) The FICA cap shall be eliminated.

SEC. 7. GASOLINE AND DIESEL TAXES.

(a) To ensure solvency of the Federal Highway Trust Fund, the taxes on gasoline and diesel shall be indexed to inflation, from 18.4 cents per gallon of gasoline to 25.76 cents and 24.4 cents per gallon of diesel to 34.16 cents.

SEC. 8. REMITTANCES TAX.

(a) Foreign remittance transfers shall be taxed at a rate of 7%.

SEC. 9. MINIMUM FOREIGN EARNINGS TAX.

(a) Multinational corporations shall be taxed on foreign earnings as they are earned at a rate of 19%.

(b) Further repatriation shall be tax free.

SEC. 10. FINANCIAL TRANSACTION TAX.

(a) For purchases of stocks, bonds, and other debt obligations, a tax shall be placed of 0.10 percent of the value of the security.

(b) For purchases of derivatives contracts, a tax shall be placed of 0.10 percent of all payments actually made under the terms of the contract, including the price paid when the contract was written, any periodic payments, and any amount to be paid when the contract expires.

(c) The tax would not apply to the initial issuance of stock or debt securities, transactions in debt obligations with fixed maturities of no more than 100 days, or currency transactions.

(d) The tax would be imposed on transactions that occurred within the United States and on transactions that took place outside of the country, as long as any party to an offshore transaction was a U.S. taxpayer.

SEC. 11. LIMITS ON TAX DEDUCTIONS FOR WEALTHY EARNERS.

(a) Beginning in the year following the enactment of this act, households which claim income in the 37% and 35% income tax brackets may not claim more than 15% of their existing returns as tax deductible.

SEC. 12. EFFECTIVE DATE.

(a) This act will go into effect immediately upon its constitutional passage.

PES:

Section 2: Establishes findings. 

Section 3: Prohibits public benefits to non-citizens. 

Section 4: Reduces income tax rates.

Section 5: Classifies carried interest as normal income for tax purposes.

Section 6: Eliminates the FICA cap.

Section 7: Adjusts fuel taxes.

Section 8: Establishes a tax on remittances.

Section 9: Establishes a minimum tax on foreign corporate income as it is earned by multi-national corporations.

Section 10: Establishes a 0.1% financial transaction tax.

Section 11: Limits deductions for households in the top 2 income tax brackets. 

 

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