Taxless Economy: A 1% Transaction Fee System

The Life and Liberty Party advocates for a complete replacement of the current tax system with an automated, wallet-based transaction fee system. This system would eliminate federal, state, and local income taxes, sales taxes, and property taxes.

Instead, a small transaction fee, such as 1%, would be applied to each financial transaction, and automatically distributed among federal, state, and local governments based on predefined percentages. This fee would replace the need for tax filings and traditional tax collection methods.

For example, in New York City, a $5,000 transaction would result in a $50 fee, distributed as follows:

• Federal government: $25 (50%).
• New York State government: $15 (30%).
• New York City government: $10 (20%).

This automated system ensures real-time collection and allocation of fees, removing the need for tax enforcement or complex filings. Each government level would have a steady revenue stream from these small transaction fees, all managed through digital wallet addresses.

The Life and Liberty Party believes this system provides a more efficient, transparent, and simple approach to taxation, allowing citizens and businesses to avoid the complications and burdens of the current tax structure.

Read more details in the White Paper.