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Strategies & Market Trends : Income Taxes and Record Keeping ( tax ) -- Ignore unavailable to you. Want to Upgrade?

To: Spots who wrote (1065)	4/26/1998 1:49:00 PM
From: Colin Cody	Read Replies (1) \| Respond to of 5810

Spots, You have mentioned a number of good points, IMO. "THEY" don't want such a discussion though! So what do the CPA firms DO 43% of the time in tax work for corporations and high net worth individuals? Why would not the bulk of that go away if a genuine, no-kidding flat tax were implemented? This is a genuine question. CPAs (who are attacked PERSONALLY as being biased by the flat tax proponents)do not do all that many Joe SixPac 1040 "postcard" type returns. There are qualified businesses like H&R Block that do an admirable job there. The 43% of the CPA's tax related revenues might be: BUSINESS 1) The design and computation of FEDERAL taxable income under the old system OR a new Flat Tax system. 2) The design and computation of multi-STATE taxable incomeS under the on-going (old)Tax system. 3) The design and computation of INTERNATIONAL taxable income under various methodologies. 4) The computation of COMPLIANCE ITEMS: State Sales Tax. New Federal/National Sales Tax, Payroll Taxes (FICA, Medicare, State UC, Federal UC, Disability, Workman's Comp, etc), Excise "sin" taxes, OSHA issues, Road Tax, Fuel Tax, Fees and Licenses, Registrations and other misc corporate reporting requirements.... HIGH NET WORTH INDIVIDUALS 1)Design and Computation of their "taxable income" under either the current systems or any new flat tax systems. 2)Estate Taxation issues, which presumably would "go away" under a new replacement flat tax system (FAT CHANCE!) Do we really WANT/THINK that the land barons and wealthy families will be allowed to accumulate wealth generation after generation while the poor get less and less with each passing generation? Take a trip to HAWAII and spend some time on Oahu and get a feel for what such a system has done (Hawaii, of course, was not a US State until the 50s). Colin