I got that in an email from Senator Sununu this morning. According to someone's calculation as of today you have earned enough to pay your income taxes, the rest of the year your are working for yourself.
Now that the pain of doing my 1040's has faded somewhat, let's talk tax simplification. I'd be willing to give up all deductions, tax credits, dependent allowances, and other loopholes in return for a lower tax rate. Over the years, after days of staring at the forms, the rules, J.K. Lasser, and oceans of canceled checks, in th end, I wind up paying 17% of my real earnings. It would save me a sentence of hard time at the 1040, if all I had to do was multiple my earning by 0.17.
All those tax loopholes are in there cause we use the tax code to subsidize home ownership, raising families, oil companies, stock brokers, and any body who hires lobbyists to get a special tax break written into law.
It would be fairer to all if we dumped all the special rules. It would sure ease the pain of filling out the forms.