Flat Tax :: Essays Papers

Flat TaxLets Hear it for the Flat TaxDo you forecast we should abolish the Internal Revenue Service? If you were to ask your family, friends and neighbors, you would get a resounding YES That was my outcome when I, as an income value preparer, surveyed my clients as well as my family, friends and neighbors. The comments ran from Its too complex, Its unfair to They are too powerful. Not one individual was happy with the tax code as it before long stands. That is not to say people do not inadequacy to pay their fair share. They just want an easier, fairer way to do it. To prove the complexity of the IRS Code, silver Magazine asked fifty tax experts to gauge hypothetical familys tax liability each grade from 1988 through 1992 and published the results in their March issues. The scoop up years result was 1990 when only 48 of the responses were incorrect. If a tax expert could not figure the liability properly how can anyone expect the prevalent taxpayer to do it? The solution quite possibly is the Flat Tax.What pull up stakes the Flat Tax do for us? The current proposed tax rate of 17% for totally income will be more fair. It is much simpler the tax return for an individual and a business will be postcard size both having only ten lines on them. The proposed planar tax eliminates the tax at a personal level for interest, dividends and detonating device gains as well as allowing businesses to deduct detonating device assets in the year of purchase. Currently a capital asset is expensed by taking depreciation everywhere the useful life of the item. Many economists believe these features in the flat tax will stimulate economic growth. According to the Bureau of matter Affairs Banking narration Some 55 percent of the 156 analysts polled by the National Association of Business Economist think the economy would benefit from some type of flat tax Compliance is the final benefit of the flat tax. in that respect will be a higher c ompliance in filing and paying Federal Income Tax. The flat tax removes the three primary excuses for non-compliance the complexity, low likeliness of being caught and fact that the current system seems to favor special interests at my expense.Flat Tax Essays PapersFlat TaxLets Hear it for the Flat TaxDo you think we should abolish the Internal Revenue Service? If you were to ask your family, friends and neighbors, you would get a resounding YES That was my outcome when I, as an income tax preparer, surveyed my clients as well as my family, friends and neighbors. The comments ran from Its too complex, Its unfair to They are too powerful. Not one person was happy with the tax code as it currently stands. That is not to say people do not want to pay their fair share. They just want an easier, fairer way to do it. To prove the complexity of the IRS Code, Money Magazine asked fifty tax experts to figure hypothetical familys tax liability each year from 1988 through 1992 and p ublished the results in their March issues. The best years result was 1990 when only 48 of the responses were incorrect. If a tax expert could not figure the liability properly how can anyone expect the everyday taxpayer to do it? The solution quite possibly is the Flat Tax.What will the Flat Tax do for us? The current proposed tax rate of 17% for all income will be more fair. It is much simpler the tax return for an individual and a business will be postcard size both having only ten lines on them. The proposed flat tax eliminates the tax at a personal level for interest, dividends and capital gains as well as allowing businesses to deduct capital assets in the year of purchase. Currently a capital asset is expensed by taking depreciation over the useful life of the item. Many economists believe these features in the flat tax will stimulate economic growth. According to the Bureau of National Affairs Banking Report Some 55 percent of the 156 analysts polled by the National Association of Business Economist think the economy would benefit from some type of flat tax Compliance is the final benefit of the flat tax. There will be a higher compliance in filing and paying Federal Income Tax. The flat tax removes the three primary excuses for non-compliance the complexity, low likelihood of being caught and fact that the current system seems to favor special interests at my expense.