Far better would be the Fairtax which would collect revenue based on what one takes out of the economy in the form of consumption rater than what one puts into the economy in the form of work effort. That and the fact that the fairtax would not require the government to know even so much as anyone's name in order to collect their revenue makes it the hands down winner in my book! It's really ALL about FREEDOM!
RE: The very same people who always have would STILL get to define just what is, or is not considered to be “income”.
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Yes, I agree with you there.
If I happen to find a $100.00 bill on the street and no one claimed it, would that be an income for me?
I live in NYC, a very cosmopolitan city with people from all over the world living and working here.
Let me tell you this, A LOT OF THEM are for the purposes of our tax code, practically CRIMINALS.
Why is that? Many of them came to the USA as immigrants but have property (which they rent out before coming here ) or bank accounts back home. Many of them have families who might even have willed their money to these immigrants should they die.
I know for a fact that almost everyone I know who meet the above conditions DON’T declare the rental income back home ( be it Korea, Taiwan or India ) or the interest on their bank account in say the Indian Bank of Bangalore.
But according to US law YOU HAVE TO DECLARE INCOME FROM ALL SOURCES.
Are we going to hire more IRS agents to go after hundreds of thousands of people’s bank accounts overseas because BY LAW, they should have declared their ‘income’?
Suffice it to say that because of our tax laws, we have hundreds of thousands of (in most case, law-abiding ) ‘criminals’ living among us now.