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re: Are our taxes too complicated?
Posted on 2/6/17 at 3:18 pm to jpainter6174
Posted on 2/6/17 at 3:18 pm to jpainter6174
quote:
Every body should pay 10% to federal and 5% to state and that's it
A flat tax would require a number in the upper 20s
2
Posted on 2/6/17 at 3:19 pm to Volvagia
quote:
A flat tax would require a number in the upper 20s
Not if everybody paid.
Posted on 2/6/17 at 3:21 pm to OysterPoBoy
Yes, because the 10% of 20000k is where most of the tax base is at.
Edit: Although scratch that 20+% number, I was thinking of the sales tax only model.
Edit: Although scratch that 20+% number, I was thinking of the sales tax only model.
This post was edited on 2/6/17 at 3:24 pm
Posted on 2/6/17 at 3:22 pm to Volvagia
quote:
A flat tax would require a number in the upper 20s
Only when you have thousands of people abusing social programs.
This post was edited on 2/6/17 at 3:23 pm
Posted on 2/6/17 at 3:32 pm to fareplay
Yes...national sales tax, or flat tax. Period
Posted on 2/6/17 at 3:35 pm to madmaxvol
Seriously, people should really start looking into this and supporting it.
Posted on 2/6/17 at 3:36 pm to fareplay
Finished and paid, buddy. I read /r/PersonalFinance religiously, and they were the ones who said TurboTax will do just fine.
Posted on 2/6/17 at 3:46 pm to fareplay
Yes. Flat tax for all individuals. No need for the IRS.
Posted on 2/6/17 at 3:51 pm to LSU Delts
quote:
Yes. Flat tax for all individuals. No need for the IRS.
So long as people don't have a way to hide income. The Fair Tax (consumption/sales tax) is the way to truly get rid of loopholes. You pay higher taxes on what you buy (no income tax at all). Rich people spend more money, and pay more taxes. Problem solved.
Posted on 2/6/17 at 3:51 pm to baldona
quote:
Take a household of $50,000 that could be a single guy or a divorced mom living with her retired parents supporting 3 kids.
Why should she be rewarded for making bad decisions?
Posted on 2/6/17 at 3:52 pm to baldona
quote:
The problem is how exact do you want them? Take a household of $50,000 that could be a single guy or a divorced mom living with her retired parents supporting 3 kids.
Tax should be a flat % across the board above a certain number, let's say the poverty line.
Too many people at the extreme ends of the income spectrum don't pay enough as a percentage of income.
Posted on 2/6/17 at 3:52 pm to fareplay
Yes. That's why you should call your congressman and senators and tell them to support the FAIR Tax Act. It would eliminate all federal taxes (including payroll, corporate, capitol gains, gasoline, and income) and replace them with a single federal sales tax on new goods. It also provides a pre-bate to every family equal to the amount a family at the poverty line would pay in taxes on needed purchases, ensuring it is not overly regressive.
This post was edited on 2/6/17 at 3:56 pm
Posted on 2/6/17 at 3:57 pm to fareplay
I'm a CPA who mostly works on business taxes, but I do some individuals because they own businesses.
1) For a good 60-70% of the population, those who don't work and/or the only things they have is a W-2, a bank account, and maybe own a house, the tax system is already pretty easy to navigate. Download turbo tax or do it online, the questions are easy and you are done. A flat/fair tax would make things a little bit easier, but not much.
2) Where I make my money, and where the tax code is complicated, is in determining basically five things.
A) What is revenue and what is not
B) If it's revenue, when is it revenue
C) What is a deduction and what is not
D) If it's a deduction, when is it a deduction
E) What credits ara available, and calculate them
99% of the state and federal tax codes are dedicated to those five things.
The reason why we don't have a flat/fair tax, and probably never will, is simple:
There is a tremendous amount of power held by legislators/congress in determining those five things.
Congress loves power, and they love the campaign contributions/bribes that come with exercising that power. The power to make something taxable, or deductible, is one of the most pure and awesome powers our political system has.
Do you honestly expect our politicians to voluntarily give up that power?
And even if we got a fair/flat system one day for non-business owners, you are still going to have the very real issues of what is taxable and what is deductible for businesses, and when.
That's why I'm plenty comfortable in my job security, and those who are Blockheads should be scared.
1) For a good 60-70% of the population, those who don't work and/or the only things they have is a W-2, a bank account, and maybe own a house, the tax system is already pretty easy to navigate. Download turbo tax or do it online, the questions are easy and you are done. A flat/fair tax would make things a little bit easier, but not much.
2) Where I make my money, and where the tax code is complicated, is in determining basically five things.
A) What is revenue and what is not
B) If it's revenue, when is it revenue
C) What is a deduction and what is not
D) If it's a deduction, when is it a deduction
E) What credits ara available, and calculate them
99% of the state and federal tax codes are dedicated to those five things.
The reason why we don't have a flat/fair tax, and probably never will, is simple:
There is a tremendous amount of power held by legislators/congress in determining those five things.
Congress loves power, and they love the campaign contributions/bribes that come with exercising that power. The power to make something taxable, or deductible, is one of the most pure and awesome powers our political system has.
Do you honestly expect our politicians to voluntarily give up that power?
And even if we got a fair/flat system one day for non-business owners, you are still going to have the very real issues of what is taxable and what is deductible for businesses, and when.
That's why I'm plenty comfortable in my job security, and those who are Blockheads should be scared.
Posted on 2/6/17 at 4:04 pm to LSUFanHouston
quote:
Congress loves power, and they love the campaign contributions/bribes that come with exercising that power. The power to make something taxable, or deductible, is one of the most pure and awesome powers our political system has.
I regret that I have but one upvote to give sir.
This post was edited on 2/6/17 at 4:05 pm
Posted on 2/6/17 at 4:09 pm to fareplay
There is a reason I am in accounting and not a tax CPA, forget trying to keep up with the tax code.
Posted on 2/6/17 at 4:29 pm to LSU Delts
quote:
Yes. Flat tax for all individuals. No need for the IRS.
Ha. So who collects the flat tax
Posted on 2/6/17 at 4:33 pm to OceanMan
Treasury Department? 
Posted on 2/6/17 at 4:35 pm to Centinel
Ha yeah I suppose so
Posted on 2/6/17 at 4:37 pm to fareplay
H&R block has a super bowl ad claiming that the super computer Watson was being used to help people get the best returns. A fricking super computer. That ad should be proof enough that we need some major changes in our tax code.
This post was edited on 2/6/17 at 4:38 pm
Posted on 2/6/17 at 4:37 pm to LSUFanHouston
quote:
A) What is revenue and what is not B) If it's revenue, when is it revenue C) What is a deduction and what is not D) If it's a deduction, when is it a deduction E) What credits ara available, and calculate them 99% of the state and federal tax codes are dedicated to those five things.
This needs to be posted twice
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