Hudson's Tax Plan

Sales Tax:

• 5% rate
• Not taxed:
  • State and Local Taxes
  • Exports
  • Interest payments of all kinds  
    • mortgage
    • consumer
    • investment
  • Investments of all kinds
    • Real Estate purchases
    • Equity purchases
• Notable INCLUSIONS:  
  • education
  • services
  • wholesale products and services
  • purchases by non-profits

Corporate Income Tax:

• 10% rate
• Not taxed
  • capital gains and losses
• Deductible:
  • domestic purchases and expenses
  • domestic payroll
  • dividends paid
  • depreciation (life of asset)
  • depletion
  • sales tax (see above)
• Not deductible:
  • foreign payroll
  • foreign purchases and expenses
  • gifts and contributions

Personal Income Tax:

• 20% rate
• Personal exemption:  $12,500.
• Not taxed:
  • nothing
• Deductible
  • charity
• Not deductible
  • mortgage interest
  • medical expenses
  • retirement "investments"
  • capital losses
• Notable inclusions
  • capital gains

Not Taxed:

• Estates
• Gifts
• Payroll
• Excise
• Import and export tariffs