March 7, 200719 yr Anyone for a flat tax? I'm on the fence on that one. I see benefits, but I see drawbacks. I haven't decided whether the benfits outweigh the drawbacks yet.
March 7, 200719 yr I'm on the fence on that one. I see benefits, but I see drawbacks. I haven't decided whether the benfits outweigh the drawbacks yet. I agree. I also think we can all agree that the current tax code could use a facelift.
March 7, 200719 yr I agree. I also think we can all agree that the current tax code could use a facelift. Yes...I agree with that as well. Maybe a tummy tuck too! A little lipo here...a little augmentation there.....:banana:
March 7, 200719 yr I'm on the fence on that one. I see benefits, but I see drawbacks. I haven't decided whether the benfits outweigh the drawbacks yet.What are the drawbacks for you?
March 7, 200719 yr What are the drawbacks for you? It would require either a huge tax increase for the lower income levels or a huge tax decrease for the upper income levels. Anyone want to try getting that one passed?
March 7, 200719 yr It would require either a huge tax increase for the lower income levels or a huge tax decrease for the upper income levels. Anyone want to try getting that one passed?I would have a hefty standard deduction per person, and that would be the only deduction on your 1040. Say $15,000 for each wage earner and $5000 for other dependents, for example. If you have a spouse and two kids and make $40,000 or less, you pay no taxes. Everything else is taxed at a flat rate. I don't know where that number needs to be, but you would pay the same percentage (less your deduction) as the next guy. Some people would see big changes in their taxes, but I honestly don't know where they would fall. The odds of revamping the tax code are almost nil. Behind every line of code stands a lobbyist.
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