I guess I have reached my limit of tolerance for the tax code. I am posting here, but I think it could go into a topic that would fall on the front page, and should. I think those of you who think the idea that it would be to complex to reduce the code to simple percentages at various dollar levels are complete idiots. Remove all deductions, and allow only simple brackets. My guess is lawyer CPAs and CPA groups have too much money invested to let it happen, but that is where you need to stand up for your country and tell them, as well as the rest of the special interest groups to go to hell! I know I have deductions for: property taxes, medical, having kids( are you kidding!), charitable contributions( won't go down at a reasonable rate), saving for retirement( because why would I otherwise, as SS will be there forever...ROFL!). What do our genius politicos cut taxes on the past couple of years? Well, obviously the program that is well underfunded and that they both use to cry to the constituents. Social Security tax! Really, it is going bankrupt so these ass clowns cut the contribution as opposed to something that would create jobs, and yet the people go U rah rah and reelect these same clowns, from both parties year after year. What the hell is wrong with you people? I get I maybe too simplisitc, or maybe it is too simplistic, and a bunch of turds that have more to lose from having the code simplified have that much more money to buy Congress. Love to hear the arguements against a simplified code, as they always miss the point, but go ahead. Thanks
who would be against a simpler code? the devil is in the details. every deduction is somebody's pet cow and they will fight to keep it.
My argument against a "simpler" tax code (what you mean is a flat tax?) begins with: marginal utility.
I'll throw out, as an example. A couple of years ago our effective tax rate was 8%. I had a mortgage at the time, on top of the other stuff. Our income, ie total income was ~$99000. 3 kids, mortgage, paycheck deductions(before tax meds basically), charity, etc. I am as anti tax as the next person, and even more so than most. I also do get some of our tax dollars go to things we do need to support. Military, basic operations etc. Congress would not be one of them, but I hold no hope of changing that, so not part of my arguement. As a former mortgage holder I don't get why that is a reason to buy a house, other than being trained that it is a "valuable tax deduction", which most have no clue as the money is all ready spent. At the same time it made no decision when I bought my house. I bought what I could afford. A pretty simple concept, and I think a pretty good idea. It might also lead to fair value, whoa, that's a bad idea, better to sell fantasy and have the economy crash again, yes again. Like the tech bubble, savings and loan bubble, real estate bubble in Japan, the examples are endless when people are sold a fantasy. I am only asking that the fantasy be taken out of the tax code, as that has never been the idea of the code, or so I thought when people who had everything to lose did lose it all and stood up to a fairly similiar situation called the King back then.
lol. you are whining about an 8% income tax rate? just how low would it have to be for you not to complain?
Richter, someone will always be on the edge of the next level, as they are now. They might end up lowering their income as opposed to making $3 less and falling into the lower level, but that is no different than now, but they won't have the advantage of making up a tax deduction that doesn't have to be documented to drop their income. It is an income of X, and there is no fudging. I am not a fan of paying on dividend income as it has all ready been paid, but it is income and with lower overall rates for smaller incomes, it would make sense for those to invest in dividend companies, as it maybe taxed lower, or at worst for upper incomes at no more than the rest. To top it oof they won't have to employ a top notch( ridiculous amount of pay) CPA to file. ANyone from top to bottome should be able to do their taxes without paying for it. Period!
I'm all for simpler, but no one has been able to come up with something viable. They actually didn't cut the Social Security funding rate, only the rate which people pay - it is still getting the same contribution as always - only from a different Federal pool of money instead of taxpayer pockets. As far as the tax code, deductions and credits are designed to encourage behavior and subsidize pet projects. Behavior like buying homes and giving to charity and doing other things that are fiscally responsible and good for society. The problem with keeping ANY deductions/credits is that it becomes a slippery slope for politicians and like everything else...they just can't stop.
He's not. He's talking about how the deductions in the code distort economic decisions, which is a very valid argument.
Free Thinker, you missed my point, not surprised. My point is why do I have to document all the bullshit to get that rate. I am NOT!!!! complaing about the rate, just showing where I was at. Geez please read. My complaint is the stupidity of all I go through to document this that and the other thing to get to that rate. I'd pay 10% for that income to avoid the waste of life, money, and time that I put into taxes currently. Do you get what I am saying now, or should I make it simpler? I guess I know why when I call my COngresspeople idiots I get no where, as too many in our country just don't get the point. The waste of time, money ect to come to the same end.
taxes are easy nowdays. with the tax software available you have to be pretty dull not to be able to do your own taxes.