This book proposes a one-cent fee on all electronic financial transfers using ACH and point-of-sale purchases to replace 1040 income taxes. More
1040 culture—like it or not—exists because the United States government taxes personal income to raise trillions to fund the federal treasury. This amount will undoubtedly increase in the future—but so will American commerce and the GDP. The focus of this book will be how we can raise 3.5 or 5.0 or 6 trillion dollars efficiently and accurately while eliminating the unwieldy 1040 tax return process. The TFP plan, basically, is to “automatically” assess a 1 cent fee (.01 dollar) on all trackable transactions in the US (or related international transactions using American financial institutions). Say good bye to tax preparation, deductions, refunds, credits—this will be a pay-as-you-go system. Tax audits and tax-related stress will become history.