atavistic
Well-Known Member
Eliminate deductions, and collect taxes on all earnings.
Google, George Soros, multinationals etc. don't pay the top rates, the K street lobbyists build the loopholes in so they pay virtually nothing. Slimming down the tax code would have the extra benefit of cutting down the billions of dollars flowing into the political process (which would cost a few jobs, but good in this case). Everybody pays a 'fair' share, no more smoke and mirrors, so everybody has skin in the game. Maybe everyone gets a $10K exemption to help the poorest of the poor. In perfect world - no withholding, you have to write a quarterly check to the government so you really see how much government costs you. And yes, eliminate the mortgage deduction - it doesn't reward home ownership, it rewards debt.
So the rich would get a tax rate cut, but under my system, they'd likely pay more tax dollars. Thousands of accountants, IRS people, lobbyists lose jobs, but medium term, the economy grows because the uncertainty of Congress fiddling with taxes every year goes away. Business people can plan for the long term.
Google, George Soros, multinationals etc. don't pay the top rates, the K street lobbyists build the loopholes in so they pay virtually nothing. Slimming down the tax code would have the extra benefit of cutting down the billions of dollars flowing into the political process (which would cost a few jobs, but good in this case). Everybody pays a 'fair' share, no more smoke and mirrors, so everybody has skin in the game. Maybe everyone gets a $10K exemption to help the poorest of the poor. In perfect world - no withholding, you have to write a quarterly check to the government so you really see how much government costs you. And yes, eliminate the mortgage deduction - it doesn't reward home ownership, it rewards debt.
So the rich would get a tax rate cut, but under my system, they'd likely pay more tax dollars. Thousands of accountants, IRS people, lobbyists lose jobs, but medium term, the economy grows because the uncertainty of Congress fiddling with taxes every year goes away. Business people can plan for the long term.