System and method of economic taxation
First Claim
1. A method of taxation comprising the following steps:
- changing consumption tax rates up or down at short intervals of time;
applying the consumption tax rate in effect during any given short interval of time to every taxable transaction that occurs during that short interval of time;
setting progressive income tax rates to be in effect for a long interval of time; and
applying the progressive tax rate in effect during said long interval of time to all taxpayer yearly incomes equal to or greater than a predetermined progressive tax minimum income, wherein said short intervals of time occur during said long interval of time.
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Abstract
A method of taxation comprising the following steps: changing consumption tax rates at short intervals of time; applying the consumption tax rate in effect to every taxable transaction that occurs during that short interval of time; setting progressive income tax rates to be in effect for a long interval of time; and applying the progressive tax rate in effect to all taxpayer yearly incomes equal to or greater than a predetermined progressive tax minimum income. Taxpayers who file a statement declaring yearly income less than a consumption tax minimum income will receive a refund of consumption taxes paid; while those who file a statement declaring yearly income equal to or greater than the consumption tax minimum income, but less than the progressive tax minimum income, will receive a rebate or credit for consumption taxes that is regressive. Surplus consumption tax revenue is held in a buffer reserve and later used during intervals of time during which a shortfall in consumption tax revenue has occurred.
21 Citations
10 Claims
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1. A method of taxation comprising the following steps:
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changing consumption tax rates up or down at short intervals of time;
applying the consumption tax rate in effect during any given short interval of time to every taxable transaction that occurs during that short interval of time;
setting progressive income tax rates to be in effect for a long interval of time; and
applying the progressive tax rate in effect during said long interval of time to all taxpayer yearly incomes equal to or greater than a predetermined progressive tax minimum income, wherein said short intervals of time occur during said long interval of time. - View Dependent Claims (2, 3, 4, 5, 6, 7)
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8. A system for taxing the economy of a country, comprising:
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multiplicities of transaction computers distributed over a geographical area, each of said transaction computers being programmed to apply a consumption tax rate to every taxable transaction; and
a taxation computer system programmed to determine consumption tax rates and disseminate those consumption tax rates to said multiplicities of transaction computers at short intervals of time, wherein each of said transaction computers is further programmed to report data representing the consumption tax revenue from each taxable transaction to said taxation computer system. - View Dependent Claims (9, 10)
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Specification