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    Hudson's Tax Plan: 5-10-20

    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

     

     

     

     

     

     

     

    • 26 October 2011
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