1. You get a single flat income tax rate of 17.5%.
2. There is only one exemption, a very generous household exemption (about US$44,000 for a family of two adults and two children). All other exemptions, credits and deductions are removed.
3. Bank account interest, capital gains and stock dividen payments no longer count towards earned income.
The result is twofold:
1. Income tax compliance costs drop 70% or more because for almost everyone, the tax form would make the IRS 1040-EZ look complicated in comparison. This means we could free up over US$200 billion per year for other economic activity.
2. It encourages American residents and businesses to keep as much of their savings and capital investments in the USA as possible. This ends the practice of offshoring millions of jobs, thousands of factories, hundreds of corporate headquarters and around US$14 TRILLION in American-owned liquid assets income tax avoidance measures.
So what are we waiting for?
Well, maybe they do, but not at the expense of losing all the leverage they [legislators] currently have over their constituents that results in the flood of campaign contributions [tribute] they've become dependent on and feel entitled to.