Freedom Income Tax

Basics of the Freedom Income Tax

1. Taxable income, the tax base, is defined as "money received from whatever source derived."
Taxpayers receive over $200 trillion annually, all precisely accounted for by bank software.

2. The tax rate is less than 1%.
$200 trillion x a tax rate of .0059 = $1.18 trillion, the same amount as generated by the tax code (2003).

3. The tax formula is: Money Received x Tax Rate = Tax Payable
Example: $100,000 x .0059 = $590

4. There is no filing, no reporting and no paperwork
Bank software collects this tax in real time as money flows thrugh the banking system, all with precise accounting to the
taxpayer and the government.

Check and electronic receipts total 98% of money received.
Cash receipts, most of which are quickly deposited, total 2%.