Subject: Savings in tax preparation? Comment: I'm not sure who is playing with the numbers, but if the intent of the summary is to suggest that the "average" American will save $1,000 in tax preparation costs is misleading. Of course, if you average out the thousands of dollars that a well off person might spend having a tax expert prepare their return with the $50 I spend to prepare mine, it could very well average out to $1,000. Would it save me any money? Most likely not. Regarding the proposition that the lowest tax bracket be set at 15% and that most of the deductions that I normally claim would be reduced or eliminated, I estimate that my tax liability would increase by about $7,000 on a gross family income of about $80,000. I consider my family to be "average" in terms of what it costs us to live and well within the middle class range with regard to income. Somehow, significantly increasing the amount of tax that I earn and releasing another of tax liability from investment gains from American companies and the first 75% of their capital gains does not seem to represent making the tax system more fair. I would agree that the proposed reforms would make taxes simpler, however, I strongly disagree that it would make everyone pay their fair share. Rather, it would relieve the affuent who can afford to make the major part of their income from return on investments and capital gains of having to pay their fair share. |