Tax Plan to Help Others

This is a very rough outline of a potential plan to cover charitable giving, taxes, health care and any other enterprise or people in need. (In trillions, please allow for rounding)

Total Personal US Income 12.1
Federal Expenditures (Less 10 % = 2.9-.29) 2.6
Remaining Personal Income 9.5

5% Tax of Remaining Income for Giving Purposes .475

That’s $475M to be given away. To cut federal expenditures 10%, I think we can all agree, would be easily done. Now, allow that $475M to be dispersed as the taxpayer(s) sees fit, and designate the recipient on their tax return. The total tax bite to all taxpayers would decrease approximately 5%, and we the taxpayers would decide the most worthy cause(s) to receive our assistance. This would also allow the federal government to maintain its current level of funding for entitlements it deems worthy. Also, there would be no need for a bureaucracy to handle the transfer of monies from taxpayers to recipient. By entering the appropriate code for your designated beneficiary, your form 1040 would then generate an ETF to the intended recipient.

It is a bit simplistic, yes, but you get the idea.