Should we change way we tax income, right?
Our income tax system is a mess.
No need for me to list the many ways. Usually, although Ted Cruz’s flat tax would simplify the system, the presidential candidates are offering more pages of rules to the mess. By the way I can not see how, cruz says it would eliminate the Internal Revenue Service. The departments are already in place for sales tax but would have to grow a bit. Now regarding the aforementioned fact… The tax code would be obsolete. The IRS can go away a big government savings.
State income tax needs to end at the same time. Tax deductions would end and plenty of accountants will have to find other work. Purchases for resale should stay exempt or goods cost would go out of reach. The wealthy spend a lot and will pay plenty of tax. Of course the poor would pay very little tax, life staples and medicines should be exempt.
How much did you make?
Send it in! Currently, we have to calculate our taxes twice. We pay whichever produces the highest tax liability. Furthermore, there are basically only two variables, the exemption and the tax rate on income above that level, The AMT is the closest thing to a flat tax we are ever likely to get.
My proposal would be to keep the AMT and eliminate most of the tax code. The exemption may be the poverty level income and the tax rate might be calculated to make the change revenue neutral. For instance, this would save taxpayers billions in tax preparation fees and free up thousands of tax accountants to pursue more productive endeavors. With that said, one particular kick in the wallet for citizens is the alternative minimum tax, an archaic statute intended to tax the rich by imposing a mandatory higher rate if one’s income exceeded a specified amount.
Egregious inflation has changed AMT from good to bad because now millions of middleclass citizens pay the AMT, that fills the treasury coffers by billions of dollars more than the ordinary tax schedule would.
Apparently Congress feels the AMT is a sacred cash cow entitlement for the government, as Social Security and Medicare are for our citizens. The only way out of this lose situation is to shrink our national debt, that is a giant sinkhole of ‘non recyclable’ revenue.
Congress that have the will to shrink the budget and pay down the national debt, that now exceeds 100 our gross percent domestic product. Maybe even tweak the AMT. Do you know an answer to a following question. How about a flat tax? You should take this seriously. It’s a single rate that spans all income brackets of taxpayers. Therefore, it applies the same rate to every taxpayer regardless of income and no deductions or exemptions are allowed. Just think for a moment. What gonna be simpler?
Donald Trump will tell you that he is the only one that can change the way we tax incomes and the only one that understands the problem.
Ask him. He says repeatedly, he will tell you his idea is better than anyone else’ No one else can do it as well as he can. Donald Trump will tell you that he is the only one that can change the way we tax incomes and the only one that understands the problem. Nevertheless, ask him. He says repeatedly, he will tell you his idea is better than anyone else’ No one else can do it as well as he can.