Easy fix to taxes
This is the only time that I will make an argument in support of revenue neutrality when it comes to how much we are slaves to the federal government.
I am sick of the back and forth on what would be an extremely popular issue that all would agree needs to be done. State and Local Tax exemptions, charitable contributions, mortgage deductions, tax credits, child tax credits, and on and on. They could really have FIXED this, but they aren't
THAT IS RIGHT! THEY ARE ADDING TO THE TAX CODE. ALL OF THE CRAP ABOUT REFORMING OR REPLACING THE CODE WAS EXACTLY THAT...CRAP
That felt good.
It is, after all, at least a $400 billion dollar industry, and that doesn't include the cost of the IRS. That is a private sector number, so it is no wonder that they DON'T WANT TO FIX IT! oops, sorry
Start with what was brought in last year. Take the returns, sort them, not based on Adjusted gross, but on actual. Establish a baseline of percentages compared to gross Establish rates based on the previous years, and just set those rates. Here is an example.
Last year, I earned over $150k. It really isn't a secret, as anyone that works for a government entity has their salaries published publicly. By the time I jumped through all the hoops, I ended up with a percentage around 12%. That is right, I was in the top 10% of income earners, and I paid a 12% rate. Not 28, not 35, after all said and done, 12%.
Make the rates significantly lower, and eliminate the progressivity of the code.
Oh, and even though they are saying there are 4 rates in the new plan, that isn't accurate. They have 5. Because even though the bottom rate they list is $90k and below for married, it really isn't the case, because with the standard deduction, those earning $50k and less will pay 0%. I think it is important that everyone has to pay something. No, FICA, or OASDI, or whatever it is called now doesn't count, unless you say that Social Security is welfare. Maybe all pay a minimum of 10%. Yeah, I know, scrooge.
Of course, who would this impact most? Those who have had their hand in crafting all the crap in the tax code. Even a corporate rate of 15% would be an increase to some corporations. They have manipulated and whispered into the ears of legislators for years. (GE?)
Of course, H & R Block would not be happy. Financial planners would not be happy. But most would be. That would be real tax reform.
I am sick of the back and forth on what would be an extremely popular issue that all would agree needs to be done. State and Local Tax exemptions, charitable contributions, mortgage deductions, tax credits, child tax credits, and on and on. They could really have FIXED this, but they aren't
THAT IS RIGHT! THEY ARE ADDING TO THE TAX CODE. ALL OF THE CRAP ABOUT REFORMING OR REPLACING THE CODE WAS EXACTLY THAT...CRAP
That felt good.
It is, after all, at least a $400 billion dollar industry, and that doesn't include the cost of the IRS. That is a private sector number, so it is no wonder that they DON'T WANT TO FIX IT! oops, sorry
Start with what was brought in last year. Take the returns, sort them, not based on Adjusted gross, but on actual. Establish a baseline of percentages compared to gross Establish rates based on the previous years, and just set those rates. Here is an example.
Last year, I earned over $150k. It really isn't a secret, as anyone that works for a government entity has their salaries published publicly. By the time I jumped through all the hoops, I ended up with a percentage around 12%. That is right, I was in the top 10% of income earners, and I paid a 12% rate. Not 28, not 35, after all said and done, 12%.
Make the rates significantly lower, and eliminate the progressivity of the code.
Oh, and even though they are saying there are 4 rates in the new plan, that isn't accurate. They have 5. Because even though the bottom rate they list is $90k and below for married, it really isn't the case, because with the standard deduction, those earning $50k and less will pay 0%. I think it is important that everyone has to pay something. No, FICA, or OASDI, or whatever it is called now doesn't count, unless you say that Social Security is welfare. Maybe all pay a minimum of 10%. Yeah, I know, scrooge.
Of course, who would this impact most? Those who have had their hand in crafting all the crap in the tax code. Even a corporate rate of 15% would be an increase to some corporations. They have manipulated and whispered into the ears of legislators for years. (GE?)
Of course, H & R Block would not be happy. Financial planners would not be happy. But most would be. That would be real tax reform.
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