A U.S. Flat Rate Wealth Tax Solution For Budget Deficit Reduction & Tax Equity; Repeal 1913 Federal Reserve Statute

Introducing An Individual Wealth Increase Federal Deficit Reduction Flat Rate Wealth Tax Structure For the United States with Repeal of Artificial Distinction between so-called "capital gains" and Ordinary "labor Income" which produces all wealth. U.S. Must Own Central Bank and Issue Its Own Currency. Implement John Kennedy's 1963 Executive Order 11110 providing U.S. Owns Its Central Bank and Issues Its Own Currency. Repeal Unconstitutional 1913 Privately Owned Bilderberg Group- Rothschild Banking Group-Council On Foreign Relations- Goldman Sachs Dominated Federal Reserve Board System Statute. Article 1 Sec. 8 Cls. 4,5 provide for U.S. to own Central Bank and issue its own currency rather that pay interest on borrowed currency from the privately-owned Rothschild shareholder dominated Federal Reserve Board.

by Dr. Ulysses S. Crockett, Jr., J.D. '71 Elizabeth Jocelyn Boalt Hall Schooll Of law University California Berkeley; LL.M. '73 Columbia University Law School; Visiting Scholar '84 Yale Law School (Federal Partnership and Collapsible Corporation text drafting under supervision of Distinguished Professor Boris Bittker); Visiting Scholar '85 Leland Stanford Junior University Hoover Institute (Federal Tax Equity Reform Legislation Research and Treasure Department Memorandum Drafting in consulation with Treasury Secretary James Baker, III and President Chief Of Staff Edwin Meese, III , supervision by Distinguished Professor joseph Pechman, doubles tennis partner against Nobel Economic Laureate Gary Becker who, with his partner, prevailed agaiinst Crockett and Pechman in most tennis encounters on the Stanford courts adjacent to Hoover Tower; Dean Of Instruction 1987 to present, Carlton R. Inniss, III Oakland Alameda County Community law School, Inc. Ulysses Crockett currently resides in Emeryville, CA.

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Commentary Overview: Taxing individual wealth at a rate sufficienet to fund legislatively determined government operations and social services results in simplified taxation and taxpayer compliance enforcement, obviation of corporate taxation, elimiation of artificial distinctions between capital gains and ordinary income measures of income and wealth, enactment ot ad valorem tax the base of which includes sales of products or services among affilited entities, taxation of business entites are provisions contained in currect Internal Revvenue Code Subchqapter S, provisions, elimination of complex and inequitable income, estate, gift, use, social security taxes imposed on all income (including investmenet income from stocks bonds and all other "securities"). In sum, a competently designed flat rate wealth tax with appropriate exemptions contributes to national economic efficiency, maximizes government revenues and lessens the unjust unfair widening wealth gap among U.S. citizens and residents. Most importantly a Flat rate Wealth Tax is neutral as to relative individual wealth class because all taxpayers pay at the same rate such that the tax is neither regressive nor progressive.

Summary Of Legal Analysis: Since the United States tax, fiscal and economic legislation is drafted by the wealthy class (U.S. Bureau Of Statistics reports that one percent of taxpayers own and controil in excess eighty percent of the nation's wealth with the remaining ninety-nine percent of taxpayers controlling the remaning national wealth) following fiscal policies drafted by members of the private Bilderberg Group (Diame Feinstein, Barak Obama, Lawrence Summers, Benjamin Shalom Bernanke, Henry Merrit Paulson, Timothy Geithner, Sen. Christopher Dodd, Vernon Jordan, Leslie Stahl, George Stephanopolous, Charlie Rose, Al Gore, Sen. John Kerry, Pres. Barak Obama, Hilary Clinton, William J. Clinton,) and Council On Foreign Relations, as noted by Phillip Stern in his seminal book on the federal tax legislative process, 'Rape Of The Taxpayer' (circa mi-late 1970's). A state of inequitable economic wealth disparity now exists in the nation with continued increasing domestic and foreign trade deficits. With the 535 U.S. congresspersons now outnumbered by in excess of 10,000 federal legislative lobbyists who oppose equitable taxation, major restructuring of the federal tax system will be challenging. It is increasingly evident, however that the United States government has little choice. Under the current federal tax system, residents are to pay taxes each year with some exceptions allowing carryovers and carrybacks of realized and recognized losses. An Equitable tax system must provide for a similar periodic wealth redistribution to minimize the widening wealth gap among individual shareholders and workers, oligopoly corporations and small businesses.
The former Leland Stanford Junior University economics professor Thorsten Veblin proposed such periodic wealth redistribution in his celebrated economics treatise "Theory Of The Leisure Class'. Also noteworthy is Yale law School professor Slawson's writing in 76 Yale Law Journal wherein it is posited that tax be imposed annually on the increase in stock value and other taxpayer controled assets. In part II the author will analyze the tax concepts of 'realization' and 'recognition'.
Under Internal Revenue Code Section 1001, the imposition of tax requires 'realization" and 'recogniition' of meaurable economic gain upon the sale or other disposition an asset such as stock or other propery. For example, an asset or stock may increase in value (be realized) but there is no taxation event until the realized gain is 'recognized' by a sale or other disposition. Herein, the definition of what constitutes a 'sale' is important. The seller must relinquish complete ownership and control over the asset in question to be subject to imposition of tax. Under the Slawson principle, assets which increase in value during the tax period are subject to tax wtihout the requirement of sale or other dispostion. Correspondinly, a deduction is allowed for assets which decrease in value during the tax period. The fiscal benefit of the forementioned procedure is obvious since the government receives greater revenue annually permiting more efficient operation of government functions. Intuitively, the Slawson proposed tax on realized gain is economically similar to a taxation on wealth. Many enlightened European countries impose ad valorem taxes qaqlong with separate wealth wealth tax at rates leading economists measure as low. For the United States, imposition of a Flat Rate Wealth Tax at a moderate rate would permit elimination of the income tax without loss of government revenue. The goverment need only set the flat rate sufficient to provide revenue for necessary government operations and thereby ensure a more simplified tax system. In addition the multi-billion dollar industry of tax practitioners and preparers would be available for more productive economic activities.
End of Part I Summary

/s/ Ulysses Crockett

Comments from all are invited. April 21, 2009; October 11, 2009;