"Income taxes were first introduced as a means to pay for the Civil War," says Smith. "It's time for financial innovation and a system that will meet our 21st century needs."
Boulder, Colorado (PRWEB) March 27, 2014
Just in time for tax day, a new book has been released that proposes a viable alternative to our current tax code. The reason why we are unable to balance the federal budget is not because income taxes are too low or that government spending is too high, says author Scott Smith in Boom The Economy; the problem is that the government is taxing the wrong thing.
Right now the government taxes our collective incomes, which add up to about $14 trillion annually. Meanwhile, over $980 trillion moves among large financial institutions every year, without getting taxed at all. Boom proposes eliminating income taxes, keeping more money in the pockets of hard-working Americans; and instead taxing financial transactions, such as bank deposits. This new system would not only substantially increase discretionary income for everyone, but would also balance the federal budget and avoid inflation.
"Income taxes were first introduced as a means to pay for the Civil War," says Smith. "It's time for financial innovation and a system that will meet our 21st century needs." Author Scott Smith, a pioneer of structured finance on Wall Street, is available for interviews to discuss this alternative to our current tax code.
Currently, an American who earns $50,000 per year pays $12,000 in federal income tax. Under the Boom plan, the same person would pay only $200. In other words, right now Americans pay $400 per $1,000 in income, and the Government still has a deficit of hundreds of billions of dollars ($680 billion in 2013). Under the Boom plan, Americans would pay $4 per $1,000, and totally eliminate the federal deficit. This is one of four life-changing economic solutions outlined in Boom to dramatically increase our nation's financial abundance.
About the Author
Author Scott Smith was a pioneer of structured finance on Wall Street, developing the model that allowed commercial real estate mortgages for the first time to be originated and securitized independent of third-party credit enhancement. This model was rapidly adopted by Wall Street and used for securitizing many forms of debt.
Later, Scott formed a firm to structure the financing for an initial phase of President Nelson Mandela's Redevelopment Program, which helped provide affordable housing for some 11,000 families near Soweto.
For more information, visit http://boomtheeconomy.com.
Glenn Turner, 917-817 3396, glenn(at)ripplestrategies(dot)com
Shayna Samuels, 718-541-4785, shayna(at)ripplestrategies(dot)com