Is it permissible to agree here? I happen to be a CPA with a Masters in Taxation and I wouldn’t personally be too happy if the IRS were abolished.
From a purely pragmatic perspective, larger portions of the agency would need to stay intact to finish existing audits and to allow the existing SOL’s to expire. THEN, we could potentially move to another system.
But I imagine the various State Society of CPA’s, the AICPA, The CMA’s and alllllll the various attorneys would be lobbying big time against this. Not to mention the ancillary businesses that make their living off the tax code (i.e CCH)
There are many ways to streamline the existing system to make it leaner, less obtuse, and more fair than it is today. And it doesn’t need to be a flat tax to be fair. There are serious issues with flat taxes that I think would be more punitive to lower/middle income families than the existing system.
Most “tax loopholes” involve complex corporate or various other structural entities. Small business and individual taxation is pretty straightforward. Not only would eliminating much of the corporate issues that exist make things simpler and more fair, it COULD actually increase tax revenue and create jobs. The US has one of the highest corporate tax rates in the WORLD. It’s no wonder people outsource jobs and park cash over seas.
Argh...sorry all, didn’t mean to rant, but this is a slow, fat curveball for me and I took a swing.....
Yes. I'm rather new in tax philosophy, but I am a states rights enthusiast. What do you think about the states initially taking over responsibility of collecting taxes and finish existing audits? This should pacify the various State Society of CPA’s, the AICPA, the CMA’s and alllllll the various attorneys that lobby; they'd go home to do their jobs instead of staying in D.C.!