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NEW - In 2016 the 2-4-8 Tax Blend will become 2-4-8 Tax Choice
The "choice" would allow all taxpayers to choose an income tax rate between 8% and 28% paired with a net wealth tax rate of 2% going down to zero. Wealth taxes paid would reduce Estate and Gift taxes (also set at 28%). This would encourage wealthy individuals to pay some net wealth taxes as a form of inexpensive life insurance.


C - Corp
4% VAT
8% Income

Wall Street Journal, Feb. 23, 2012
A Tax Reform to Restore America’s Prosperity
by Mitt Romney

Mr. Romney opines:

... We have record-breaking unemployment and deficit spending, and a tax code that looks like it was devised by our worst enemy to tie us in knots. These three afflictions are interconnected. I have a plan to address them and achieve three goals: more jobs, less debt, and smaller government. ... I've previously outlined exactly where I would cut and how I would reform entitlements to strengthen them for future generations.

... My plan ... stands out not only from President Obama's failed approach of higher taxes and runaway deficit spending, but also from the say-anything-to-get-elected fiscal recklessness of some of my Republican rivals. [He does not seem to be intentionally joking].

... First, I will make an across-the-board, 20% reduction in marginal individual income tax rates. ... Second, I will reduce the corporate tax rate to 25% from 35%, transition from a world-wide taxation system to a territorial one, ... Third, I will promote savings and investment by maintaining the low 15% rate on capital gains, ... Fourth, I will ... abolish the death tax ... repeal the Alternative Minimum Tax ... Fifth, I will bring stability to the tax code by making these changes permanent.

2-4-8 Response to Romney Tax Plan

Leadership by the well-to do requires innovation, political judgment and propaganda. Repeat the following:

·       The best way to create jobs is to give a 20% tax cut to people who don’t need a tax cut (and who already have jobs).

·       In fairness, the working class will pay for their meager portion of the tax cuts with reduced social security and reduced Medicare benefits.

·       The best way to balance the budget is to cut taxes way below the level of spending (even if it has not worked in the past).

·       The best way to cut federal spending is to have the states take over the programs (and raise taxes at the state level).

·       We can make the tax code “fairer” by keeping tax expenditures that grossly favor the wealthy in their present form including: home ownership, charitable giving, health care, and savings (on top of the new 20% reduction).

Leadership requires education.

Eugene Patrick Devany



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Copyright 1985 to 2015 by Eugene Patrick Devany