Thursday, April 4, 2013

Hudson's Tax Plan


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

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