Comment: Gentlemen & Ladies of the Panel, It seems to me that sometimes we make this mucj more difficult than is needed. As much as I understand that Washington and our Government is controlled by special interests....it seems that if we want to make this fair..then simple is the way to go. The government can put all of those IRS employee's to work figuring out how to spend the windfall for EDUCATION and "Job programs" Gee it seems to me if you want a strong and healthy economy you could invest in OUR country. 1: Let's start by setting a strictly FLAT TAX on the INCOME from all entities in the united states....This would be the toal income as currently put on the tax forms of all individuals and business's / corporations in the United States. 2: Do away with all of the deductions and write offs that are currently in the tax code, YES I said..basically wipe out the tax code...This is a very difficult and stressful package that the IRS and the Government have in place. Nearly impossible for the average american to understand. Think of how much less stress..and health problems and potentially crimes caused by folks who deal with this each year. Also consider how easy it would be to have the employer/self employed to take a flat % off the top of all income generated in this country...much easier for the IRS to track as well. This would be much fairer for all involved. 3: Tax Rates: I am not an economic Genius....I suspect that if all of the deductions and write off were removed from the equation...the actual Tax Rate could be dramatically lower...I CAN FORESEE THE GOVERNMENT SETTING THIS HIGHER(MY HOPE FOR A SHORT TIME)TO PAY OFF ALL CURRENT DEBT AND SATISFY THE SOCIAL SECURITY SYSTEM. 4: I beleve that fairness means fair to all...lower income would pay their fair share, that would be the point of getting rid of all of the confusing deductions that have been put in place for the larger/wealthier in this country. If everyone pay's the same flat rate no matte who...lower income folks would not be burdened OR care. 5: I beleve that if the tax system was fair and flat across the board the deduction for charitable giving would not need to be there....I suppose that if there needed to be a deduction for something..this would be the best. 6: Home ownership: Do away with the tax write-off for mortgage interest....Instead...The goivernment should not be catering to the Banking system and should consider running the "mortgage program" for HUD themselves...The interest income for our Government would be HUGE if HUD ran this themselves. This would mean that the program would be scaled down to be used for the Lower Income Folks in any region/state of our country. This way the program would not interfere with the Banking Industry. 7: Collection methods...Touched on earlier...basic requirement..all companies required to collect off the top a given % for tax. This would give the Government the income up front...on a weekly or monthly or quarterly basis...Much easier. 8: Business's would be treated the same as the individual...No Special Treatment.... Just think of it this way...If you take less off the top of EVERYBODY..then people would invest in there own companies and build your Countries manuafacturing base, The government can go back to taking care of it's people...What a Concept. This would also have othe benefits....If the Government was then required to STOP all of the Pork that is quite often put in any given bill laid out...they could do the job they are supposed to do...and it would take them less time...we would accomplish more...we would look better around the world....people would still want to come her to live and pay taxes. This follow's the ..K.I.S.S theory.... -- Jay Steeves Your Personal Realtor 860-378-1451 800-525-7793 x 1451 www.IwantahomeCT.com |