Can we fix our tax code by making a very very simplified version of it? The current system only benefits large corporations that have a large and intelligent force of dedicated tax experts and lobbyist. Years ago I read from one of my accounting books that GE’s tax return is something like over 20,000 pages long, and it requires a huge IRS team completely dedicated to only them. Granted they are the biggest company in the world, but we have some serious problems with our tax code. I don’t blame GE. Sure there are some ethical shortfalls, but it is not GE’s job to be nice and pay more taxes. We need stop voting for idiots that think the current tax system is fine.
This year GE paid no federal taxes. Look GE pays top dollar for their talent. There is no way that the IRS can compete against GE. So what do you do? You Nerf the tax system. You get rid of all of the loopholes and special interest tax breaks. If you keep the system so simple it does not matter how smart GE is because their is nothing to take advantage of. This will benefit small business and hard working Americans by leveling the playing field. You make X amount then you pay Y amount in taxes. Easy Enough?
Case in point. I am going to earn a nice little amount from my side job this year. Because of this I will have to redo my estimated tax worksheet to avoid a tax underpayment penalty. Now do I need to file a schedule SE? I have nothing against paying a fair share of my taxes, but it should just be automated and simple. Lawyers and accountants add nothing of real wealth to this country but we, I mean they, have built a system that requires way too many of them. If you think I am wrong. Answer this one question. Would you pay a lawyer or an accountant if you didn’t need them? No you would not, because in business we call them administrative overhead and you try reduce your overhead as much as possible because you would rather pay someone to create a good or value added service.
Adopting the flat rate on a progressive scale, the government then should eliminate all tax credits, write-offs and other deductions, an action that would enable the IRS to drastically reduce paperwork for taxpayers and for the agency. In one page, a tax filer should be able to provide his total income and the amount of tax owed. Done.
Athens Banner-Herald http://www.onlineathens.com/stories/042609/bus_432592499.shtml
Are you sick of all those dumb cash for gold commercials? Yeah me too. Gold is around $1200 per oz, this is very over priced. Yes gold is a hedge against inflation and the falling dollar, but when you can’t listen to the radio or watch the TV for more than 10 minuets without seeing a buy gold or cash for gold commercial, it is time to short gold or at least get out of the gold market. I call it the beanie baby effect. When your crazy aunt back in in the 90s was paying $400-$600 for a stupid stuffed animal you know things are wrong. The same thing happened during the internet and housing bubble. When everyone is talking out it, it is high time to get out. When you can’t explain why something is so expensive it means that is over priced.
? First who uses a checkbook anymore besides
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