Posted on 01/12/2015 6:05:13 AM PST by bestintxas
Under the new GOP Congress, the future looks bright for fundamental tax reform. So Republicans and thinking Democrats should embrace my modest proposal: The 0–10–100 Tax Plan.
“0” is the number of deductions that would be allowed: Zero. The home-mortgage deduction? Gone. Business-dinner write-offs? Kaput. Charitable deductions? Sayonara.
As soon as we permit one exemption, then we must include a second. And then a third. Americans quickly would become freshly mired in the unfathomable bog that governs taxes today. The best way to handle the 73,954-page U.S. Tax Code is to go Nagasaki on it: Every loophole left behind.
“10” is the flat-tax rate on gross income. What did you make in 2014? Send 10 percent to Washington, D.C. Period. See you next year.
The 10 percent rate applies to income, regardless of source. So wages, speaking fees, capital gains, dividends, royalties, stock sales, gifts, and gambling winnings would face a 10 percent tax in the year that the income is received. Estate income would endure a 10 percent death tax, from dollar one. While I know any death tax will annoy my fellow supply-siders, we live in a world of tradeoffs. Oxen must be gored from Left to Right to make this work.
(Excerpt) Read more at nationalreview.com ...
Cottage industry? It isn't the average taxpayer who lobbies to get those tax laws and special exemptions. It's businesses and the wealthy. They're going to fight your proposition tooth and nail, as will the 47% of the population who will see their taxes go up considerably under your plan.
Oh, and I think there is a zero chance for meaningful tax reform.
Love it. I have argued for this for years. No need for any deductions if everyone pays and the rate is low. I oppose the Fair Tax because a) it begins with a subsidy to “low-income Americans.” Screw that. and, b) it turns businessmen into tax collectors. Government should always be the tax collector so that if taxes go up, people hate government, not business.
Capital gains need to be indexed to the inflation of their asset class, year by year.
So we should pay taxes on taxes?
No thanks.
Obama would prefer: no taxes on 10k per person and 100% on all income above 100k
Great idea, but 10% is way too high.
That is not a solution that even attempts to fix nastiest parts of the tax mess.
Ergot, it’s time will never come.
It would have to be about 17% at current spending levels. 10% won’t generate enough revenue.
This is lawyerphobic and unfair to lobbyists and the congressmen so oppressed by being forced - forced I tell you - to take kickbacks, bribes and sweet corporate jobs after serving.
And what about the families? The husbands, wives and cousins who all get the insider deals?
Thoughtless, hurtful, and hate-filled.
(/s)
Then the spending levels must be cut.
The “Fair Tax” has a lot of good ideas, However the “Prebate” Must go. We do not need the IRS sending out checks to the people not working or a some very low paying job.
Bottom line: NO IRS!!!
Yes a 10% tax on gross income.
So if you make $100K and spend $120K to do so, you still pay $10K in taxes.
Stupid.
LOL. Good luck on that one.
You are missing the point.
No changes.
No exemptions.
No exceptions.
Should we make peace and wave offerings too?
It would on the corporate taxes. Many large corporations pay very little fed tax.
You do not understand what income is.
You’re right, my 25+ years of preparing tax returns has left me entirely unprepared to deal with the concept.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.