10 Outrageous Facts About the Income Tax

[charrison]

Linkage

The U.S. "tax army" is bigger than the U.S. army in Iraq.
Income taxes are so complex that there are up to 1.2 million paid tax preparers in the country -- six times more than the number of troops in Iraq. The tax army includes legions of accountants, lawyers, and computer experts -- some of the best minds in the country. Unfortunately, their brainpower is adding little to the nation's standard of living.




A tax form for every special interest.
As the income tax grows more complex, the number of IRS tax forms has jumped from 402 in 1990 to 526 by 2002. Congress hands the accountants business on a silver platter when they create special interest tax forms such as "8845-Indian Employment Credit" and "8834-Qualified Electric Vehicle Credit." When Congress penalizes an activity, we get tax forms such as "6197-Gas Guzzler Tax." It's time to end the micromanaging and adopt a simple flat-rate tax. Until then, Congress needs to supplement "6478-Credit for Alcohol Used as Fuel" with form "XXX-Credit for Alcohol Used for Drinking."




Double-tax on dividends: 60 years and still not fixed.
Sixty years ago, a Treasury report noted that "double taxation of corporate profits is the principal problem raised in connection with the corporation income tax." In the 1930s, a Treasury report argued that the tax disincentive to pay dividends caused corporate management problems. Recent scandals proved them right. Congress should bite the bullet and reform dividend taxes now -- before the next round of corporate scandals begins.

 

[SuperTool]

Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

 

[charrison]

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

 

[SuperTool]

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

 

[charrison]

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

I am in favor of removing all deductions and reducing marginal rates

or

Rolling all deductions into a single standard deduction at current marginal rates.

 

[etech]

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

 

[NetGuySC]

We will have to have a civil war and install a new goverment before we will ever see a flat tax.

 

[Spencer278]

first of all i see 3 Outrageous facts and if the number of forms is bothering you just use the EZ form and don't claim anything but the standard deduction.

 

[charrison]

Originally posted by: Spencer278
first of all i see 3 Outrageous facts and if the number of forms is bothering you just use the EZ form and don't claim anything but the standard deduction.

Try clicking the link...

Only an EZ form should exist...

 

[dmcowen674]

Originally posted by: NetGuySC
We will have to have a civil war and install a new goverment before we will ever see a flat tax.

Ssssssh! Look out they'll classify you as being on the "Dave" side and issue you your own custom Tin Foil hat.

 

[cquark]

It would be nice to see a flat tax instead of the current pyramidal tax rate graph with the maximum of 43.3% paid by upper middle class workers.

 

[biostud]

Originally posted by: charrison
Linkage


The U.S. "tax army" is bigger than the U.S. army in Iraq.
Income taxes are so complex that there are up to 1.2 million paid tax preparers in the country -- six times more than the number of troops in Iraq. The tax army includes legions of accountants, lawyers, and computer experts -- some of the best minds in the country. Unfortunately, their brainpower is adding little to the nation's standard of living.

So it's better to fight a war than to get money for schools, hospitals etc..............oh and for financing the military, that makes sense.

 

[NightCrawler]

How did Bush pay 28% tax rate is what I want to know ?

 

[charrison]

Originally posted by: NightCrawler
How did Bush pay 28% tax rate is what I want to know ?

Because the tax code allows for it...

 

[SuperTool]

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

 

[charrison]

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

 

[Spencer278]

Originally posted by: charrison

Originally posted by: Spencer278
first of all i see 3 Outrageous facts and if the number of forms is bothering you just use the EZ form and don't claim anything but the standard deduction.

Try clicking the link...

Only an EZ form should exist...

So don't use the other deductions, or I guess you want to increase the tax on people that are not to lazy to fill out an extra few forums?

 

[charrison]

Originally posted by: Spencer278

Originally posted by: charrison

Originally posted by: Spencer278
first of all i see 3 Outrageous facts and if the number of forms is bothering you just use the EZ form and don't claim anything but the standard deduction.

Try clicking the link...

Only an EZ form should exist...

So don't use the other deductions, or I guess you want to increase the tax on people that are not to lazy to fill out an extra few forums?

I have never thought anyone would actually defend a tax code that was 60,000 pages long. What I described earlier would be tax neutral, but simplify the tax code to a single ez type form.

 

[SuperTool]

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

With this system, those making below the SS ceiling would pay a higher percentage of their income in taxes than those making above the SS ceiling. So it's not a flat system, it's regressive.

 

[charrison]

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

With this system, those making below the SS ceiling would pay a higher percentage of their income in taxes than those making above the SS ceiling. So it's not a flat system, it's regressive.

And what you describe is still a problem with the current system. SS reform is an entire different thread.

This thread was only about income taxes....

 

[SNC]

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yep. I already own my home.

 

[etech]

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

That would depend on the percentage of the flat tax now wouldn't it. Of course that plan would throw thousands of tax accountants out of work, increase productivitiy for businesses and lower the cost of goods. Is that all bad?

 

[Spencer278]

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

With this system, those making below the SS ceiling would pay a higher percentage of their income in taxes than those making above the SS ceiling. So it's not a flat system, it's regressive.

And what you describe is still a problem with the current system. SS reform is an entire different thread.

This thread was only about income taxes....

SS is a tax you fool.

 

[charrison]

Originally posted by: Spencer278

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool

Originally posted by: etech

Originally posted by: SuperTool

Originally posted by: charrison

Originally posted by: SuperTool
Fine. Get rid of all deductions and loopholes. Then you don't need a tax preparer.

Sounds like a good place to start.

You willing do give up your home loan interest deduction?

Yes, get rid of all deductions. Give every wage earner a standard deduction of say around 15,000. Then flat tax everything above that.

Let me guess. You are going to end up paying less taxes under that system?

It could be done in a tax neutral fashion. And as with any tax scheme, the rich will pay more in.

With this system, those making below the SS ceiling would pay a higher percentage of their income in taxes than those making above the SS ceiling. So it's not a flat system, it's regressive.

And what you describe is still a problem with the current system. SS reform is an entire different thread.

This thread was only about income taxes....

SS is a tax you fool.

At what point did I say SS was not a tax. This is a discussion about the current income tax, not SS tax.
If you want to talk about reforming SS, I welcome another thread.

 

[Spencer278]

Fine SS is an income tax.