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Following this with interest; thanks!

Hi Bluntobject:

Thanks for the kind words! The next part should be up this weekend.

Canada may enjoy much faster rate of growth if some Canadian Members of Parliament will act on the idea they took interest in.

I was invited by number of MPs to make a presentation on the Parliament Hill regarding the reform of the Canadian taxation system based on the US patent application (http://www.faqs.org/patents/app/20100023433). This government revenue collection system is based on single source Business Levy on Gross Business Revenues. According to my calculations the rate will be at around 33% to provide stable revenues for all levels of government. Is easy to implement. Can save tens of billion of dollars on the cost of administration of all taxes and fees. Eliminates all other taxes and fees, like capital gain tax, interest income tax, payroll deductions and so on. The salaries at the time of introduction of new system will be paid net after all former deductions. Provides automatic collection and distribution of funds to all entities finance by budgets. Eliminates all income tax regulations for business and individuals. New Business Levy regulations will not be longer than 30 pages.

This system will be popular with voters:
- no more property taxes
- no more tax returns
- more privacy
- more services from government for the same amount of tax burden.
- no interest income taxes
- no capital gain taxes

This system will be popular with businesses:
- no significant change in the price of product/service structure
- only one tax source to administer
- huge savings in accounting and legal costs
- no capital gain tax
- no interest income tax
- no all other taxes and fees
- no property tax
- no tax consequences for buying or selling business
- no tax on business transfer to a new generation

This system will be popular with governments:
- stable source of revenues (based on GDP not income and sale taxes)
- billions dollars of savings on the cost of administration
- saving can be used to finance other programs with more benefits to society.
- Party which adopts it as election platform will get a landslide victory in elections
- positive attitude of citizens towards government
- government can concentrate on governing not revenue collection
- automatic collection and distribution of funds
- Canada will become a destination for international business
- Canada will become a destination for capital and retirement place for wealthy individuals
- Canada will become a economic leader of the world.

There are many more positive consequences of this system. If you are interested in the story please contact me at richard_hombek@hotmail.com


Richard Hombek, Ph.D.

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