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| Tax season is over! Yeah! https://mail.karaokescenemagazine.net/forums/viewtopic.php?f=1&t=6748 |
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| Author: | Babs [ Tue Apr 18, 2006 6:22 am ] |
| Post subject: | Tax season is over! Yeah! |
I work in a tax office. We did 100 extensions this year. Yikes. I'm so glad I can relax a little now. People were debating the flat tax yesterday in the office. How do you guys feel about it? |
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| Author: | Keith02 [ Tue Apr 18, 2006 7:12 am ] |
| Post subject: | Re: Tax season is over! Yeah! |
I ain't happy....I just paid them over 12K.....Yeah, I'm relieved they didn't want more, but that's a lot of bucks.....They had withheld 13K, and I get 1K back so I'm sposed to be happy? Screw a flat tax...I want to see a national sales tax with NO exemptions.....As tight as I am with my money, they will never get a penny out of me, it will all go in the bank or the stock market. |
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| Author: | Flipper [ Tue Apr 18, 2006 8:25 am ] |
| Post subject: | Re: Tax season is over! Yeah! |
I would favor a flat tax if it applied to all individuals and businesses. To heck with the write off's. :wave: |
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| Author: | eben [ Tue Apr 18, 2006 8:43 am ] |
| Post subject: | Re: Tax season is over! Yeah! |
Babs @ Tue Apr 18, 2006 6:22 am wrote: People were debating the flat tax yesterday in the office. How do you guys feel about it?
I am all for flat tax. First, it would simplify so much of the tax code, we would put half the IRS out of business. LOL However, it will never work. The flat tax, or consumption tax like VAT in Europe, takes in to account no deduction of any kind to be most effective. However, you will have all the home owners in the US up in arms since the mortgage deduction is the most desirable effects of taxes today. If you took that away, current owners would not happy and the incentive to buy real estate would substantially subside. |
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| Author: | Keith02 [ Tue Apr 18, 2006 8:56 am ] |
| Post subject: | Re: Tax season is over! Yeah! |
This country needs nothing but a sales tax. It would force people to save and invest.......Of course, all food, medical and necessary stuff would be excluded......Econo cars would be taxed lower than luxury cars, and so on...all homes that you buy to reside in would be exempt. No more IRS, no more tax filing, no more tax cheats....The collection machine is already in place cause you already pay state sales tax at every register in every retail outlet in the country. Who would care how much you made or saved?....You would only pay taxes when you spent money. Right now you pay taxes when you earn it, when you invest it, and when you spend it...you even pay taxes when you die and pass it on to your children...That's stupid. |
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| Author: | eben [ Tue Apr 18, 2006 9:24 am ] |
| Post subject: | Re: Tax season is over! Yeah! |
Keith02 @ Tue Apr 18, 2006 8:56 am wrote: This country needs nothing but a sales tax.
It would force people to save and invest.......Of course, all food, medical and necessary stuff would be excluded......Econo cars would be taxed lower than luxury cars, and so on...all homes that you buy to reside in would be exempt. No more IRS, no more tax filing, no more tax cheats....The collection machine is already in place cause you already pay state sales tax at every register in every retail outlet in the country. Who would care how much you made or saved?....You would only pay taxes when you spent money. Right now you pay taxes when you earn it, when you invest it, and when you spend it...you even pay taxes when you die and pass it on to your children...That's stupid. Well, Keith, that's what consumption tax is essentially. VAT (Value Added Tax) is what they use in Europe (and somthing similar in Canada if I remember right). You basically pay like 15% tax on everything you buy. That supposedly simplify the tax but you will still need IRS since they monitor the businesses who collect these taxes. It will definitely simply things for consumers but again, without mortgage deductions angle, this will never pass. |
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| Author: | UncleFire [ Tue Apr 18, 2006 12:34 pm ] |
| Post subject: | Re: Tax season is over! Yeah! |
If they "marketed" it right and the actual tax you pay is around the same amount, they could make it work. But that can't happen since we've currenlty got folks paying next to nothing (10% or less) to folks who are in 35% bracket. Although I cringe at paying 15% or more on top of what I buy plus all the local taxes. The other problem is that its regressive, not progressive tax scheme so lower income people get "screwed" even if you do exempt things like food etc. Of course if I make wads of money I WILL pay more since I'm likely to buy more than than the counter guy at 7-11. The minute you open the door to exemptions, you're back to getting complex exemptions on the tax. Of course, then all the special interests will get upset since they won't get all their tax breaks-- which also incents certain behaviors (e.g. tax break for energy companies to invest, or Toyota to open a new plant). And, on that note, what about corporations? Plus I don't trust the gov on this stuff-- you start with a flat tax (on income) or VAT on sales and next thing you know they're taxing something else and you end up with a mess again. There's alot "invested" in the status quo so of course alot of people DON'T want it to change (e.g. tax accountants, lawyers, etc.) I think alot of this is that sometimes the devil you know is better than the devil you don't. |
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| Author: | Babs [ Tue Apr 18, 2006 2:28 pm ] |
| Post subject: | Re: Tax season is over! Yeah! |
I think the change would cause havoc. The flat tax they are suggesting, if we change, still includes deductions. I would love it if we had more luxury taxes and less overall taxes. (luxury meaning big ticket items, not cigerettes and alcohol)This would target people who have money. Especially people who are not reporting all their income. I see way to many people cheating the system. If your going to buy an expensive item you obviously have money. |
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| Author: | big jimmy c [ Fri May 12, 2006 3:49 pm ] |
| Post subject: | Re: Tax season is over! Yeah! |
Claimin "0" all year is a plus by april 15. I just got a nice return, Bought my new pc today with some of it. |
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