The biggest problem with tha tax code

[rdking647]

heres my problem with the income tax code.

its just to damn complex.
i consider myself financially astute. I traded commoditys and options on the trading floor for over 20 years. i consider myself while not necessarily a financial expert pretty damn good.
I cant do my own taxes. Some of my investments are in more exotic things. I tend to get alot of k-1 forms at the end of the year. For the most part they might as well be written in chinese. I have to take the whole pile to my accountant and let her figure it out.

The tax code should be simplified so that anyone with a 10th grade education can file a tax return. Any provision in the tax code that a 10th grader couldnt understand should be removed

 

[editec]

It is too complex for most of us, without doubt.

Sadly it is complex for good reasons and for bad reasons, too.

The good reason is that business is complex so the code has to reflect that complexity.

the bad reason is that too much of the tax code was written specifically to benefit people unreasonably which demands that the code get even more complex than it ought to be.

 

[sealybobo]

heres my problem with the income tax code.

its just to damn complex.
i consider myself financially astute. I traded commoditys and options on the trading floor for over 20 years. i consider myself while not necessarily a financial expert pretty damn good.
I cant do my own taxes. Some of my investments are in more exotic things. I tend to get alot of k-1 forms at the end of the year. For the most part they might as well be written in chinese. I have to take the whole pile to my accountant and let her figure it out.

The tax code should be simplified so that anyone with a 10th grade education can file a tax return. Any provision in the tax code that a 10th grader couldnt understand should be removed

Its a scam. It is confusing so rich people can avoid paying their fair share. All the big CPA and investment firms know where all the tax breaks are. Your CPA doesn't and you don't qualify. Only the mega rich do.

The hardest thing in the world to understand is the income tax. -- Albert Einstein

There is a reason it is so confusing. It needs to be in order for rich people to manipulate the system without it being obvious to you and I.

And even when we find out that rich people are using loopholes to avoid paying taxes and even when we find out that most US companies aren't paying any taxes, people still argue that they are paying the lions share of the taxes.

I think WE are paying the majority of the taxes. When we buy a car or a stamp or dvd's or gas, we pay taxes. Or, small business owners probably pay a lot too.

I just don't believe the top 10% pay most of the taxes. They may, but then they get it all back. I can't prove that, but the reason I can't prove it is because

The hardest thing in the world to understand is the income tax. -- Albert Einstein

 

[Care4all]

I agree! I spent a month, trying to figure out our taxes, and we live a simple life, no deductions now cuz we own our home, but we inherrited some things from my husband's mom that were being taxed 40% or so with penalties for cashing them out, that we were unaware of at the time we said we would take the cash from her IRAs....his mom was 87 and through reading a thousand forms, I found a tax provision that reduced the taxes on this inheritance to about 10% tax only because of some provision for someone born before 1930 or something like that....but turbo tax, and all other tax services on line (along with me going in to irs), did not recognize this provision when figuring my taxes...

Anyway, it is a very long story, but eventually, i got the proper form and had to figure my taxes manually....the whole thing took a month of 24/7 working on it...

THIS IS BULLCRUD!

This is why I would like to see a flat, progressive tax....via brackets.

like 0-$10k 0%
10k-75k 10%
75-200k 15%
200k-10 million 20%
10mil on up 25%

with absolutely no deductions or write offs... the savings on the IRS and the savings for those with boocoos not having to pay accountants and tax lawyers would be huge imo.

Those in the 35% tax bracket now average out at paying only 20% anyway, with all of their tax write offs and loopholes....

 

[sealybobo]

I agree! I spent a month, trying to figure out our taxes, and we live a simple life, no deductions now cuz we own our home, but we inherrited some things from my husband's mom that were being taxed 40% or so with penalties for cashing them out, that we were unaware of at the time we said we would take the cash from her IRAs....his mom was 87 and through reading a thousand forms, I found a tax provision that reduced the taxes on this inheritance to about 10% tax only because of some provision for someone born before 1930 or something like that....but turbo tax, and all other tax services on line (along with me going in to irs), did not recognize this provision when figuring my taxes...

Anyway, it is a very long story, but eventually, i got the proper form and had to figure my taxes manually....the whole thing took a month of 24/7 working on it...

THIS IS BULLCRUD!

This is why I would like to see a flat, progressive tax....via brackets.

like 0-$10k 0%
10k-75k 10%
75-200k 15%
200k-10 million 20%
10mil on up 25%

with absolutely no deductions or write offs... the savings on the IRS and the savings for those with boocoos not having to pay accountants and tax lawyers would be huge imo.

Those in the 35% tax bracket now average out at paying only 20% anyway, with all of their tax write offs and loopholes....

Well good luck. We can't even get healtcare reform with 72% of the population wanting it, so good luck getting the politicians to make the tax scam fair.

I've just about given up. The Dems are going to have to do some pretty good shit for "THE PEOPLE" for me to start defending/supporting them again.

They're a bunch of sellouts.

And the people are a bunch of fucking idiots.

And the media is owned by the Corporations.

You know, people brag about how great Reagan was, but did he ever have to take on the lobbyists? No. He only took on the unions/labor.

The lobbyists are dictating/writing our policies. And they are threatening any Senator that supports real change.

 

[rdking647]

I dont have a problem with the tax code being complex for corporations but for an individual it should be SIMPLE