I have touched on taxes peripherally, but we’ll talk about it in a more specific way here. As I’ve mentioned repeatedly, I am a capitalist. I don’t believe in the confiscatory tax regimes of the West. Taxes on work, taxes on purchases, taxes on property you already own and so on. Thanks, but not. More money equals more bureaucracy. I intend on keeping everything simple (I can’t do anything about the state or federal government of course. Maybe later?)
I believe in the flat tax with citizens welcome to anonymously donating more to the government if they wish 🙂
I would like to offer lowest tax rates in the world for citizens or businesses. What that rate will be remains to be seen. In order to do that however, I will need to work out some sort of deal with the federal and state government. It’s no good if the new city has very low taxes, but everyone is still paying through the nose to other entities.
This of course means that you can forget deductions. Overly complicated tax regimes are just a way to hide questionable policies.
As I mentioned in a previous post (https://startupcityap.wordpress.com/2016/12/26/662/) about data and privacy, we can allow citizens to share their personal data to lower their tax obligations while still funding the city government’s activities.
In order to have the world’s lowest tax regime, the city must be cognizant of every single expense and look at opportunities to raise revenues.
We can operate on a lean staffing principle by using technology to substitute for staff. For example, cameras for police or using self-service technologies to take care of citizen needs.
On the revenue side, we can sell data, advertising on city property or rent park space.
Are there other things I am forgetting, definitely let me know!
A more comprehensive look will be necessary to determine how closely our expenses and revenues will match up. Ideally, I want to start building a surplus fund.
Looking at the write up now, I realize it is still too vague. I will provide a more comprehensive look at tax regimes elsewhere and how the new city can do better. Thanks!