Taxes

[KCJoe]

Since this is the time to file and pay taxes (if you didn't have enough withheld), I was wondering what changes to the tax code people here would like to see changed.

I for one would like to see the itemized deductions eliminated. The only exceptions I would allow for would be medical. The state and local tax deductions are getting to be less and less with alternative minimum tax making those worthless. Mortgage Interest. Read somewhere that we are the only county that allows mortgage interest to be deducted. Other countries with income taxes don't allow the mortgage interest deduction and it had no effect on their housing market. Maybe lack of a mortgage deduction would have provided some sanity to home ownership. Chartible Contributions. Give because you want to, not because the government subsidizes it.

Investment interest and gambling deductions would offset like income and not be an itemized deduction anymore.

Keep a standard deduction, but eliminate exemptions.

[Philhelm]

I'd like to see the income tax and the IRS abolished.

[Longermonger]

Can I get a credit for hobby related charitable donations? I'd like that. ...got to support single moms and stimulate the economy, don't ya know....

[Longermonger]

Originally Posted by Philhelm

I'd like to see the income tax and the IRS abolished.

...and replaced with a progressive sales tax based on net worth?

[Gryphon]

Stop trying to use the tax code to make social policy and simplify the system enough to make tax attorneys an endangered species.

Eliminate all deductions/exemptions but reduce overall rates proportionately and remove the requirement to file a return for those in the 0% bracket--which would be much larger than it is now. Tax investment income at the same rate as earned income, but treat all investments as nondeductible IRA's: taxes are paid when the investment is sold. Remove the income cap for payroll taxes, thus funding Social Security and Medicare for a few more decades.

Oh, and if you get a refund, the IRS should owe you 18.5% interest.

[deacon]

do away with the irs and go to a national sales tax. that simple and fair.

[Starry69]

Eliminate all deductions/exemptions but reduce overall rates proportionately and remove the requirement to file a return for those in the 0% bracket--which would be much larger than it is now. Tax investment income at the same rate as earned income, but treat all investments as nondeductible IRA's: taxes are paid when the investment is sold. Remove the income cap for payroll taxes, thus funding Social Security and Medicare for a few more decades.

I like it!

[john_galt]

Repeal the 16th amendment and go with the Fair tax. It would eliminate federal taxes for the truly poor (and the tax refund that they get) and give breaks for medical and food. It would also get the black or underground economy to pay taxes. A drug dealer pays no taxes on his (or her) income but that Hummer was cause them to pay sales taxes.
I would also shift the compensation packages (pay, benefits, office spaces, etc) from the federal government back to the state the representatives represent.
The age we get social security must be raised and it should give people the choice on whether they would like a private account rather than a government account.

[Cheaper2buyit]

Jg did you say your way would get the black and underground to pay taxes then follow that with something about drug dealers WOW you should be banned for sure.

[KCJoe]

I don't think we will ever go with a flat tax or fair tax. Not enough revenue can be raised. I think we will eventually go to a value added tax in addition to the progressive income tax in order to get the deficit under control. Listening to Paul Ryan talk, I don't think the Repubs can be counted on reducing the deficit. In addition to the spending cuts, he wants to cut the top income tax rate by 28%(from 35% to 25%). The top bracket would be even lower than when Reagan was in office. Rather than reducing the debt, they would make all these spending cuts and then say look at all the money we've saved, let's cut the tax rate. And then we'll be back in the same spot we were before.

[john_galt]

Cheaper... Open your damn eyes, that was black OR underground economy. That means people who don't declare their income or get their income by illegal means. Dumas

[BigMikeinKC]

Consumption tax. Since that will never happen - eliminate dependent deductions, if you want to have a bunch of kids that's your choice, why should I subsidize it?

[deacon]

Jg did you say your way would get the black and underground to pay taxes then follow that with something about drug dealers WOW you should be banned for sure.
__________________
they dont come any dumber than cheapert2buyit..are you always drunk or did you hit your head real hard?

[lacrew_2000]

#1 - Avoid cases of unprovoked rudeness to others. No place for it here. Yes, with the dynamic nature of the threads and topics, tempers will flare and things will become heated from time to time. You may often encounter individuals who become passionate or emotional when expressing one's opinion or point of view. That's all understood and perfectly acceptable within reason…….but, start slamming or bashing another member and be met with consequences.

[john_galt]

Is this proof that Deacon and Cheaper share the same body...whatever his name is.