FLAT TAX*** TIME HAS COME???

4/15/02 | ANAGM

[DennisR]

It may be true that every "serious" one is revenue neutral, but is it not true that we should reduce overall spending while we're at it? The feds spend an average of $8,000 annually for every man, woman, and child in this country. Even if we cut that back by 25%, that is STILL an average of $6,000. Personally, I think that is still a bit too high, but it would be a step in the right direction--down!

[DennisR]

You're right on nearly every account. My kids are grown, I do rent (lost the house in a divorce), and so forth. I did have some capital losses due to the less-than-stellar performance of the stock market. So I did not have a lot of deductions. Bud I don't think it is government's place to tell me I can deduct so much for this and so much for that. That is just another way in which government controls our lives and gets its nose into our business. Government's place should not be to reward or punish us for how many kids we have (or don't have), how much interest we pay (or don't pay), for being blind, senior, and so forth. This is discrimination in the highest, most-complex sense of the word.

[DennisR]

Only during that year? And no other? I thought it was being phased out over a ten-year period or something like that. If not true, thanks for the clarification.

[Hildy]

This year I had to file SIX returns - Three Federal, three State. Mine, my Mother's and the Family Trust. I did mine with a $50 computer program. Worked like a charm. My mother is a widow with a fixed income. The trust return is 2 pages. The CPA charged me $1,050 for the four returns. $50 for my two, $1,050 for the other four. Believe me, they were not complicated. Something must be done.

[TheCPA]

The estate tax is being phased out through increases in the applicable exclusion amount (the amount of one's estate that is exempt from tax). The applicable exclusion amount is $1 million for 2002 and 2003; $1.5 million in 204 and 2005; and $2 million in 2006 through 2009. The estate tax is completely repealed only for decedents who die in 2010. In 2011, the estate tax is again applicable with an applicable exclusion amount of $1 million. All provisions of the Economic Growth and Tax Relief Reconciliation Act of 2001 expire at the end of 2010. That is why President Bush has been talking about making the tax cuts permanent.

[DennisR]

Let's hope Bush is successful in doing just that. The Dems/Socialist/Commies will not like it because it does not meet their requirement for income redistribution. So it will be a fight.

[Jesse]

This discussion on a flat tax or national sales tax comes up once a week on FR. Forget it. Won't happen. You have a Congress and a President which believe that your right to political free speech should be regulated by the federal government in direct violation of the spirit and the letter of the First Amendment, and in order to protect their personal incumbency? Remember, the GOP allowed CFR to pass. So your so-called conservatives and limited government GOPrats already think that enumerated powers, the Constitution, and the Bill of Rights are nothing but their own personal toilet paper.

So, why in hell would these Republican and Democratic statists try to get rid of the system (graduated income tax) which gives them the money they take to buy more votes and give them more power?

A rhetorical question of course. The answer is simple. They ain't gonna give it up, folks.

[Jesse]

This discussion on a flat tax or national sales tax comes up once a week on FR. Forget it. Won't happen. You have a Congress and a President which believe that your right to political free speech should be regulated by the federal government in direct violation of the spirit and the letter of the First Amendment, and in order to protect their personal incumbency? Remember, the GOP allowed CFR to pass. So your so-called conservatives and limited government GOPrats already think that enumerated powers, the Constitution, and the Bill of Rights are nothing but their own personal toilet paper.

So, why in hell would these Republican and Democratic statists try to get rid of the system (graduated income tax) which gives them the money they take to buy more votes and give them more power?

A rhetorical question of course. The answer is simple. They ain't gonna give it up, folks.

[John Jamieson]

I absolutely agree, I just don't see it happening before I go! I was trying to show people that the Flat Tax did not solve the problem. People seem to latch onto catch phases without analysing them.

[John Jamieson]

You've got to live in the world as it is. Change comes very slow. Buy a house, and look for every other deduction you can find. Good luck. John

[Taxman]

That kind of visibility would be a bad thing?

The real problem is that government at all levels spends too much. And these "tax and spend" politicians will continue to do so until We the People get annoyed and grab them by the short hairs.

Once we do that, their hearts and minds will follow, and we will force them to reform the tax code.

The only way we can do this is with massive citizen involvement. Are you willing to get involved?

[DennisR]

Thanks!

[John Jamieson]

I worked day and night for NASA for almost 30 years. After my kids were grown (I raised 10), I decided to retire and do a little consulting on the side. I keep my income under the 15% tax level on purpose, play the deductions, and live just fine. Don't burn yourself up just to pay more taxes, it's easier and far more relaxing to trade time for money you don't really need. Give some to charity. Live in a nice house and keep your cars a little longer.