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Time to Pay the Piper............
William81
Member Posts: 25,339 ✭✭✭✭
I set today aside to finish off the taxes and have it all ready to meet with my accountant in a couple of weeks... If I am not heard from the rest of today, assume I did not survive the encounter with all these little pieces of paper !!!!!
I sincerely believe they could make this whole process a lot more streamlined !!!!
Comments
THEY will collect their pound of flesh
It's call the Flat Tax Plan. It's fair and it's easy. Everyone pays exactly the same percentage of their income in taxes. The form has two lines "Total Income _______" and "18% of your Total Income ________".
IRS shrinks by 95 percent and they don't need all that firepower any more.
That door you just kicked in was locked for your protection - not mine.
I hear the 2023 tax paperwork will be a very simple form with 2 lines...
Doesn't it make one wonder how this government ever got started and the country grew at a fairly decent rate before the founding of the IRS and all of its tax codes.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
You can thank President Lincoln for that one. The IRS, a commission, was created to collect Income tax to pay for the Civil War expenses.
Even back then it was set up unfairly to tax the wealthy. It taxed 3 percent on incomes between $600 and $10,000 and a 5 percent tax on incomes of more than $10,000.
That door you just kicked in was locked for your protection - not mine.
I believe it has been exactly 110 years ago this year that "Income Tax" was invented😫
Actually it was in 1862. So more like a 160 / 161 years.
That door you just kicked in was locked for your protection - not mine.
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It's call the Flat Tax Plan. It's fair and it's easy. Everyone pays exactly the same percentage of their income in taxes. The form has two lines "Total Income _______" and "18% of your Total Income ________".
IRS shrinks by 95 percent and they don't need all that firepower any more.
I have a bridge for sale.
You might want to do some reading before you sell that bridge 🙂
That door you just kicked in was locked for your protection - not mine.
Gee, look at all the people that "like" it. No wonder they don't do it. 🤑
Refund rec'd, what is owed is paid. 2022 done.
I do really like the idea of a flat income tax, but IMHO, 10% on every citizen is much better than 18%.
I'm only concerned with how much my refund will be.
I can't see the "Flat Tax" working. Too many variables in calculating "income". What about inheritance? What about rental income? Tips? What deductions will be allowed? Mileage? Business supplies? You still have to calculate all of this. "GROSS" income wouldn't be fair either, and is far too susceptible to loopholes. Good luck.
Not having any experience with it but I think a consumer tax might be the trick if the rates were reasonable but I doubt they'd be reasonable knowing how our politician are. We need to at least try something else, what we have now isn't cutting it.
"Never do wrong to make a friend----or to keep one".....Robert E. Lee
I personally think only things consumed should be taxed. "Rich" people purchase more, so they'll pay more tax. Flat tax on items SOLD, not income. That's the only fair way to have "rich" people pay their "fair share". Straight 20% sales tax on everything, including food. That gives "poor" people an incentive to buy generic, and "rich" people can pay more for their steak, lobster, and caviar. Also a Civic requires less tax than a Porsche.
Couldn't agree more. If we could stop the Government's spending of your money on social projects the tax rate would be substantially less.
All valid points! The idea of a flat tax is to be fair to every taxpayer. Many of the books I have read about the subject do address that very concern, each however do their best to eliminate as many loop holes as possible. As an example: Inheritance is not earned income as it was your families property. Rental income, tips, by your own words are income and would be subject to tax. In the areas that you mentioned as business expense, Not a chance. And before we both agree that help in those areas does in fact spur growth, it is not the government who should be making that investment. Before the government got involved in private businesses, business owners found investors or took out business loans. If your business is profitable then that cost is know as the "cost of sales" and is just part of doing business. If your business cannot succeed without a tax break (using someone else's hard earned tax dollars to fund you), then your business should fail.
In a flat tax system, sales and property taxes still exist. But that's not enough to sustain our economy. Let's get the class warfare off the table. Rich people, just like poor people, have the same right to their money as everyone else. If we were to collect enough sales and property tax to fund this nation two things would happen. Those with less income would not be able to feed their families, heat their home, assuming they could afford to buy one, and that loss of sales would * America's manufacturing sector. Second, countries like China would step in to fill the void with inexpensive good to reduce the sales tax burden. Catch 22 - as sales tax goes down, the government would be force to raise the tax rate to fund our economy.
That door you just kicked in was locked for your protection - not mine.