Spots,
Your right about the Flat Tax being an improvement
especially with NO CAPITAL GAINS TAX at all, and a 17%
Flat tax with no deductions and keeping receipts for
7 years, and the one that Dick Armey presented in his
nationwide presentation at major universities was only
a postcard. People that are worried about losing their
mortgage interest deduction will make out with a flat
tax of only 17% and contrary to what the unobjective
CPA ((Colin)stated..no schedule C will be required for
stock sales as NO TAX WILL BE LEVIED as there will be
NO CAPITAL GAINS TAXES! I didn't realize that this thread
was being monopolized by a CPA who should give up caffiene,
and that has no idea who he would be facing in the dojo
with his personal attacks...anyway, since his and all
tax filing guru's six figure incomes are threatened by
the current seven million word Internal Revenue Code
being simplified and that everyone ELSE would benefit
from hearing the truth about the flat tax being proposed
by House Majority Leader Dick Armey and Senator Richard
Shelby...I will highlight the facts below.
It is no surprise that OUR nation's capital has become
occupied by armies of accountants, tax specialists, and
lobbyists seeking to curry favor in exchange for LOOPHOLES
and DEDUCTIONS. The flat tax takes politics out of the tax
code by eliminating all loopholes, all deductions that
special interest groups love to lobby for to keep their
stronghold on the American consumer, and no CPA will be
needed (not to mention the average $1,000 each taxpayer
pays for tax preperation and compliance, which equates to
$140 Billion per year, with most of this paid by business
and passed along as higher prices and lower wages) to file
the postcard size return that EVERYONE will file, as
everyone would pay the same low rate of 17%! Not only has
tax law become so complex that half of all Americans now
need professional tax preparers to fill out their returns.
And taxes are too high with the average family coughing up
24% of its earnings to the Federal tax collector, and the
situation is getting worse with each passing year as
deductions are being reduced, eliminated or so complicated
that most people are afraid of an IRS audit or just don't
want the hassle of all the record keeping and seven years
worth of receipts! Remember that once state and local taxes
are added to the federal tax burden (and we won't even go
into the SS/Medicare 15% tax bite!), TAXES make up the
biggest slice of the average family's budget, exceeding
the combined total spent on food, clothing, shelter, and
transportation! There is no wonder why most families can
NO LONGER afford to have just one spouse or parent working!
Just look back to the 50's when the average family sent
only 3% of their income to Washington vs. 24% today and
then add in the state taxes, property taxes, sales tax,
gas tax, liquor tax, licensing fees, FICA (ss/Medicare)and
then when you die guess what? Inheritance taxes!
I am sorry to be so long winded but the only true facts
will never be presented by a CPA or H&R Block tax preparer
on this thread...which if you check the top was meant to
be for helping investors and traders (not rude CPA's to
peddle their services)to keep more of their hard earned
invested money...and what could be more beneficial to
protecting your investment capital, then having to pay
no (zero) capital gains tax on your investments??? How
many times have you had a stock go up and you have to
worry about paying regular income if you don't exceed
the timeframe required to qualify for longterm capital
gains rates, and then you have 28% less capital to invest
in the next stock that you hopefully find:-)But, on the
flip side, You get stuck with the losses if the investment
does not pay off! Or get a measley $3000 carry over for
the next tax year! Well, with a flat tax the government
rewards people risking their hard earned money into
businesses so that they have the necessary capital to
provide jobs, and of course R&D to create valuable
products and services to the U.S. economy! For anyone
that wants to see the actual Flat tax return that
is being proposed by House Majority Leader Dick Armey
an Senator Richard Shelby...it can be seen a free booklet
that I ordered from the www.taxation.org. Here are the
highlights:
1) Single low rate for all Americans of 17%. The baseline
for taxable income for a family of four would be no
income taxes on the first $33,000 of income. Finally,
someone realizes the cost of children:-)!
2) All citizens would fill out the same one page form
to pay their taxes if any. No more expensive experts
or jerks (IMO)to fill out tax returns and go through
books of complex tax code!
3) No more political lobbying to encourage certain buying
behaviors and discourage others, as all deductions and
their respective schedules would be obsolete!Realtors
will tell you that people will not buy homes if there
is no mortgage interest deduction, which is not even
close to the reason why anyone would buy a house,
whether for living or investment, and with the flat
tax which you can prove by filling out...you will pay
less taxes..so who's interest are the realtors looking
out for, not to forget our poor CPA's:o)!
4) The Flat tax ends double taxation of income saved or
invested. That will help seniors to quarantee a better
standard of living, help families save for college,
help investors to retain their investment capital to
continue investing in other companies that they find
promising, and in turn help small and large businesses
have capital for growth and most importantly employ
people, raise wages, and keep labor in this country.
I hope that people wake up and support a flat tax as
everyone will pay less, except for people that pay 0
taxes now for obvious reasons! Also, does anyone really
enjoy sitting down and reading the volumes of tax code?
Only normal people need respond:o)
Best Regards,
Shawn
PS: I will gladly correct any mistakes by Colin or anyone
else, whether blatant or implied, as I don't want my
children growing up and taking over the family business,
and having to waste valuable time, money, and resources,
to employ a fulltime CPA just to interpret the latest
changes to the tax code volumes and tell me the risk
of being audited for taking legitimate deductions,
because they are afraid or can't be bothered to
represent their client in a IRS Audit! |
