| This bill proposes to repeal the state individual and |
| corporate income tax and the sales tax and replace them with a |
| single tax on all business and financial transactions except bank |
| deposits. Taxation of transactions may include the movement of |
| capital such as buying and selling stock and all wholesale, |
| retail and private transactions. The basic rate of the tax would |
| be flat, but there may need to be some consideration of |
| progressive rates based on income. |
