AHHHH!!!TAXES!!

[Brenden]

Well tax season is on us and I am not having fun. Uncle Sam loves me right now. I have long thought that a flat rate tax would be ideal. I have read many articles on it and most agree that a flat 8% tax across the board would enable the government to maintain the budget without cuts on anything. Not to mention the money that would be saved by majorly cutting the IRS. I would vote for a politician in a heartbeat that would push for it. Ok my rant is done. Post your thoughts if you like.

[severum mama]

Well, I guess that would involve ending corporate welfare and tax breaks for the super-rich.

HA! Fat chance.

[Fishyfanatic]

I think a flat rate would be awesome. The more money you make the higher percentage of taxes that you pay. So the tax cuts for the super rich are really not all that impressive. I do my parents' finances during the year and after tax season I am happy as a clam that I make my puny wage.

[brant]

As a small buisness owner I can tell you I don't wanna collect it. Man people already want to kill me when I add in the state sales tax add more and I would be linched for sure.LOL. That is assuming they do it as a national sales tax as it has been suggested.

[Brenden]

I am not talking sales tax. I mean income. If you make $100,000 you pay $8,000 in taxes. No loop holes etc. They could still give tax credits for children etc for lower/middle incomes and if you you are a lower income you get kick-backs. They would still come out ahead. I read somewhere that the government could actually substain the current budget with less than 6.5% I would even pay 10% to get the deficit under control. I am getting screwed big time this year. Can you tell? Bottom line....it will never happen because....no tax breaks for the fifthy rich.

[QTOFFER]

I'm not a big fan of a flat tax rate - I still think that there should be a set of progressive tax brackets based upon earnings. The govt needs a minimum amount of money to operate, and a flat tax would by definition shift a huge chunk of that burden onto the poor and middle class.

However, I'd be all in favor of getting rid of all deductions and credits. I believe that taxes are a necessary evil and should be used solely to finance government operations. The tax code should not be an instrument of social engineering. Besides, most of the sheer bulk of the tax code is due to adjustment to income. You shouldn't have to pay someone to do your taxes simply because the whole system is too bloated and cumbersome for the common person to comprehend.

Also, I believe that income is income. Capital gains, wages, dividends, interest, rental income, gambling winnings, etc should all be taxed at the same rate. Again, the tax code should be there to generate revenue; not to influence investing behavior.

I am dead against a national sales tax because it is the most regressive and punitive tax there is. Example: Joe Schmo spends 1000 (1/50 of his salary) to clothe his kids. Bill Gates spends 1000 (1/900 of his salary) to buy an Armani suit. Both pay the same tax - that ain't fair. All sales taxes should be repealed and the lost revenue recaptured by the income tax.

[Billsgate]

Our salaries and paychecks get the third highest tax rate in the world here in Belgium. It's around 50% of the bruto paycheck, so netto we only get half of what we make. But in return we have great social healthcare for everyone, etc., etc........I'm not complaining...

[Brenden]

Bill Gates is the last person I am going to listen to when it comes to complaining about taxes.

[Andos99]

Originally Posted by QTOFFER

However, I'd be all in favor of getting rid of all deductions and credits.

This is how small business owners stay in business. Half the reason we expand is because we are forced to when it comes down to tax time. Deductions are there for a reason and anyone would be a fool to ignore them. A good accountant will pay for himself 4 times over.

[justrelax]

i've got an even better idea than a flat tax... let's stop paying washington employees their salaries for life. let them try to live on social security and ira's like the rest of the people who voted them into office in the first place. as long as i'm bit**'n about washington employees, here's food for thought: i wonder how long the health care situation in this country would take to fix if one of those old farts in washington had to rely on the same medicare crap they expect the rest of our seniors to use!