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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

US News, Feb. 16, 2012
No Turbo Tax for House Budget Chairman Paul Ryan
by Lauren Fox

Ms Fox writes:

... House Budget Chairman Paul Ryan tackles complicated budgets, plans to release a house budget proposal by April, and is optimistic his party will find a consensus on tax reform before the tax code "blows up" in 2013.

... Ryan says he's happy to turn over his personal taxes to an accountant in order to spend the upcoming months on Capitol Hill concentrating on a comprehensive tax reform plan for the rest of the country.

2-4-8 Response: Ryan Tax Reform

I am really taken back by the fact that Rep. Ryan feels the need to use an accountant for his tax return. He says, “I want to make sure I do not mess it up” and that says a mouthful about the need for tax reform.

At least when it comes to specific tax reforms he admits there is not, “total consensus on the specifics … you got some guys who are the fair tax guys, you got the flat tax guys, you have the in-between guys.” He also claims to reject those who caution, “don't take risks, don't be bold” because he thinks, “people are sick of that and cynical” As long as he keeps an open mind, and can put aside the more divisive spending issues, there is hope for the 2-4-8 Tax Blend – the boldest and fairest plan of all. The public deserves to know what Mr. Ryan thinks about it.

The 2-4-8 Tax Blend broadens the tax base by taxing net wealth at 2% (above a $15,000 exemption), retail sales at 4% and income at 8%. It would yield $2.6 trillion – ($400 billion more than FY 2011 federal revenue). The tax blend is progressive even though rich and poor would pay the same tax rate. Even the “fair and balanced” Bill O’Reilly (a/k/a the Factor) supports a national sales tax (of 3%) as a necessary component of tax reform. The concurrent elimination of payroll, capital gains, estate and gift taxes; and a significant reduction of the corporate income tax rate to 8%, should guarantee near universal support from social liberals and business conservatives alike. The winners and losers (if there be any) do not follow any traditional political spectrum.

Please think outside the box before you react. Try to contrast a 30% income tax with an 8% income tax joined with a 2% wealth tax for each of the next 11 years. The latter combined income-wealth tax would permit an individual to save and keep 22% more salary each year (conservatively assuming the 2% wealth tax was offset by 4% investment interest). Now that’s fairness and real economic mobility!

Corporations would feel less of a need to influence politicians once tax incentives are off the table. How would an 8% corporate income tax affect jobs and the economy? Those answers are better left to your talents and dreams for a brighter future.

Eugene Patrick Devany, JD. MPA



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Spread the word: Please let Congress know you want them to consider the 2-4-8 Tax Blend by simply tweeting "TaxNetWealth.com" or by copying any basic description and sending, faxing, or emailing it to at least one representative from each political party. Many representatives will only accept email through their individual websites.

Copyright 1985 to 2015 by Eugene Patrick Devany