Health care insurance premiums will count toward meeting the minimum wage. The taxes will be withheld from the workers paycheck and the money remitted to the IRS just as is done today. A W-2 form will be supplied to the worker but since all taxes due will have been paid, the worker need not file an income tax report. Dividends will be a deductible business expense. We will no longer have double taxation of dividends.
Short term is any asset held less than seven years.
A more precise alternative would be to index all capital assets for inflation. No deduction or tax credit of any kind will be allowed for any interest paid for any reason or purpose. No other deductions or exemption will be allowed for any reason. There will be no exemptions or deductions of any kind. This tax will start at the first penny of inheritance.