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Strategies & Market Trends : Income Taxes and Record Keeping ( tax )
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To: Shawn Donahue who wrote (1030)4/15/1998 8:22:00 PM
From: Colin Cody  Read Replies (2) of 5810
 
Shawn, just saw your closing statements: "PS: PLEASE VOTE FOR A FLAT TAX SO WE CAN SOMEDAY NOT LOSE SLEEP AND DREAD THE 15th of April"
.
#1 there is NO VOTE for us being taken for "a flat tax"

#2 we already HAD a flat tax voted in by Congress/Regan in the mid 1980s, REMEMBER? there were TWO rates 15% and 28% most all deductions were eliminated. An increased/simplified "standard deduction" eliminated "itemizing" for the majority of taxpayers AND exempted those making the lowest incomes from even paying the 15% rate!

#3 we ALREADY have a "postcard size" tax return. Form 1040-EZ call 800-TAX-FORM and get a copy of it. very simple, and still pretty "flat"

#4 you claimed "WE CAN SOMEDAY NOT LOSE SLEEP AND DREAD THE 15th of April"

A flat tax rate would do NOTHING to change the filing date or the computations necessary to compute income.

Let's SAY you do investments in STOCKS. JUST AS WITH TODAY, you'd need to keep track of your costs and your sales and you'd need to compute the gains. Same thing. Only instead of the CRAZY RATES we have today for STOCKS and INVESTMENTS: 8% 10% 18% 20% 22% 25% 28% 31% 36% and 39.6%. We'd have JUST ONE RATE, say 33%. OK so THAT 15 minutes of calculation from 1997s Schedule D would be gone.. along with the 10% 20% and other LOW RATES.

THAT's what you call an IMPROVEMENT? I'll spend 30 minutes extra each year and keep the lower rates thank you!!!

Colin
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