Colin,
You are either not informed about the Flat tax, or are
intentionally mis-informing people for some reason, IMO!
<<TAXES on INDIVIDUAL INCOME are NOT COMPLICATED AT ALL
for the MAJORITY of TAXPAYERS.>>
The current seven million word Internal Revenue Code is
so complicated that half of all Americans now need
professional tax preparers to fill out their returns.
Tax preperation and compliance costs the economy $140
Billion per year, an average of more than $1,000 for
every taxpayer. Most of this is paid by business, and
passed along as higher prices and lower wages. The tax
code's biggest victims are middle- class taxpayers, as
average Americans cannot afford to hire high-priced
lawyers and accountants to navigate the incomprehensible
rules and regulations enforced by the IRS. And yet,
however bewildered normal taxpayers may be in the face
of the tax code's complexity, THEY are held accountable
for the slightest mistake on THEIR tax forms-
even if it is the result of IRS advice!
<<CLINTON HAD NOTHING TO DO WITH THE ORIGINATION OF,
DRAFTING OF, OR DISCUSSION OF THE 18 MONTH RULE.>>
Nicely chosen words...are you one of his press secret-
aries? Actually, President Clinton did approve the increase
of time that one must hold stock or investments from
12 months to 18 months, not to mention the 39.6% retroactive
tax increase back in his first term, but I guess you are
correct in stating that he didn't originate, draft, as
another Democrat(s) did! Who cares if another Democrat
drafted it...Bill Clinton is a liberal and he made it
tougher for us to get long term capital gains rates for
our stock investments, as we now have to hold onto a
stock for 18 Months, even if the stock dips for good!
<<H&R BLOCK DOES IN FACT GET MUCH INCOME FROM DOING
1040-EZ WORK FOR PEOPLE WHO ARE TOO STUPID TO TIE THEIR
OWN SHOES & DOING 1040 WORK FOR PEOPLE WITH MORE
COMPLICATED SITUATIONS, LIKE THE WELFARE DISTRIBUTION
SYSTEM CALLED "EARNED INCOME CREDIT" ETC ETC>>
So now you are not only smarter than anyone stupid enough
to need your advice on taxes here, but you are smarter than
anyone else in the tax filing industry! Don't break your
hand patting yourself on the back!
<<BUT MENTIONING CPAs IN THE SAME SENTENCE??!! What are
your qualifications for telling us what CPAs do? How many
CPAs have you employed in the past 10 years? I'd guess
ZERO? right? (g)>>
I know exactly what my good friend and CPA does for a
living, and we constantly share investment tips on stocks
and real estate..in fact, I only starting using his services
13 years ago, when I purchased my first multi-family invest-
ment property to completely renovate myself and rent out, as
I wasn't sure of which depreciation schedule would provide
the best long term tax benefits, if and when I decided to
sell! So again you are wrong...and why the insults? I didn't
even address my first post to you if everyone decides to
check...it was to an investor that appeared frustrated with
filing her taxes, and I hope you don't imply that she is
stupid, as she probably is like the rest of us, in spending
what little spare time we have trying to invest and make
the money and not worry about being a tax code guru!
<<CPAs will have MORE work to do if there are major changes
in the tax collection systems, not LESS. How could you
suggest that CPAs would have LESS TO DO?>>
Again, you manipulate what I stated to fit your agenda,
which if everyone hasn't discovered yet..is to ensure
that we taxpayers will always need your services to file
our taxes! Under a Flat Tax CPA's will not have more
work in helping people to file their personal returns, in
fact and you know it...they will have none!PERIOD!As the
Flat tax when implemented by House Majority Leader Dick
Armey and Senator Richard Shelby will mean ONE single
flat rate of 17% for ALL American taxpayers and will have
a baseline of no income tax for a family of four, for the
first $33,000 of income! Check it out a www.taxation.org
and request the free booklet called "The Flat Tax"
by Daniel Mitchell from the Heritage Foundation.
<<Maybe you might list a few things CPAs will NOT be
doing with tax reform???>>
My personal taxes and everyone else that can write!
The Flat Tax form has only 10 lines Period. And with a
17% Flat rate who needs you to fill one out?
I can't understand how anyone would put up with your
attitude to have you file their taxes now! Also, the free
professional advice that you are providing here on this
public forum, may entitle a reasonable person to expect
you to represent them in an audit, even if you didn't
sign their tax return, in my opinion!
<<OPPS I SEE YOU HAVE A CPA. SO YOU SHOULD KNOW BETTER!!!
DO YOU actually THINK THAT IF SOME 1040 RETURNS ARE
ELIMINATED THAT THAT WILL MAKE ACCOUNTING FOR
INVESTMENT PROPERTIES SIGNIFICANTLY EASIER?>>
Yes, and you know that you are again being misleading,
because with a Flat Tax their will be NO CAPITAL
GAINS to file income on PERIOD!
<<HUH? ISN'T THAT EXACTLY WHAT CPAs DO RIGHT NOW?!!>>
No, unfortunately most CPA's are only trained in tax
compliance and filing, unless they seek outside training
and certification to become a real financial planner, just
like some people use lawyers to file their taxes, does
that mean that a lawyer will know how to structure your
short and long term investment strategy? Off course not!
Also, if you ever decide that you don't know everything,
you should pick up Charles J Givens book on Tax reducing
strategies and I love his recommendation for how to
interview a CPA, when he states to ask the tax preparer
"How much in taxes did you pay last year?" as if a tax
preparer can't help himself pay less tax, how can you
expect that he will be able to help you with all your
legal deductions? Also, a major red flag is a CPA that
constantly states "I wouldn't take that deduction, as
it might send up a red flag". Sound familiar :O)
<<Colin, adding some common sense to the discussion>>
And I thought you were just here to make sure that noone
ever dare to forget that they need a CPA:O)
Shawn
PS:In the end the truth will always come out, now matter
how you try to malice or deride it!
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