Thursday, March 03, 2011

The Only Sure Things in Life ...

What I'm working on today, taxes ...

I don't mind paying my fair share to Uncle Sam to keep the Republic going, and I had a lean year, so I won't owe any more than we've already chipped in. Still, it's that sitting down and pulling out the receipts and plugging in the numbers I have to do just to get it ready for the accountant that is such a pain in the posterior.

I would vote for a flat tax in a heartbeat if it would save me this yearly hassle. 


Anonymous said...

I'm proud to pay taxes in the United States; the only thing is, I could be
just as proud for half the money. -Arthur Godfrey, television host,
entertainer (1903-1983)

autobus said...

Great post.This is a part and parcel of our everyday life.

Dojo Rat said...

The problem with the flat tax, as previously proposed by Steve Forbes for example is this:
The Elite only want EARNED INCOME taxed. That means money you earn at work. They want UNEARNED INCOME (stock dividends, inheritance, and similar unearned income) to remain untaxed.
Huge disparity, allowing the rich to hide more money and stick the burden of paying for society completely on the middle class.

As Warren Buffet said: "There is a class war, and my class is winning"

Steve Perry said...

Of course the rich want to keep their money. But the deal as I see it would be, if you made less than X a year, no taxes. If you made more, then whatever percentage they pick that won't bankrupt the middle class, and every penny you earn is subject to it. And this would have to be such that the feds, state, and local folks shared it.

It won't happen, but that would be much fair than how it is now.

Anonymous said...

Dojo Rat,

You seem to equate stock holders and such as the "elite." I'm at the bottom of middle class and I still own some stocks and have a 401k that I wouldn't mind not getting taxed on. Stocks, bonds and portfolios are not just for the rich anymore.


Steve Perry said...

Brass --

I think DR is trying to get to the issue of fairness, which is always a problem. Yes, the old joke about French laws allowing the rich and the poor equal rights to sleep under bridges makes a point, but the truth is, in the US, the rich often pay little or no tax because they have accountants and lawyers who know how to work the system.

No, don't think they should be in the 90% bracket, and yes, 15% of a rich guy's income is going to sting him a lot less than the same percentage of a poor man's lot. But if all the rich folks had to pay their share, the middle class would pay less. You can look and see how that works: The top ten percent of American families collect almost half of the nation's income. The super-rich get a huge chunk of that. I'm not talking about communism, but about a cut in taxes for most of us.

Our taxes laws are arcane. Call the IRS for advice on how to file your taxes and if they get it wrong, you are liable.
That's insane.

I dunno how much of a flat tax it would take, but my tax forms look like a magazine when they are filled out, pages and pages of stuff, and I'm not anywhere close to rich.

Scott said...

I like