TEMPORARY DEFERRED AND PASSIVE INCOME TAX (DPIT).

Largely to assure revenue neutrality, by initially using the least objectionable, narrow aspect of a general individual income tax, it is proposed that a low-rate (3%) flat rate tax be temporarily imposed on income that was deferred (and not taxed) before repeal of the current PIT and on interest and dividends. Thus, the deferred income, to be taxed (for the first and only time), would only consist of distributions from tax-deferred private qualified plans such as IRAs 401Ks, etc. Read More