Tuesday, April 16, 2013

I still hate doing Federal Income Tax

A complete pain in the tail.  I spend all day rummaging thru my files looking for dividend payment slips and deductible stuff.  More time trying to read gobble-te-gook instruction sheets cluttered with useless information.  I mean like who needs to know who has to file.  We all have to file, and we all know it. The lack of  any sort of general rules.  Like is Social Security taxable, yes or no?  They don't state any rule, they give you a 17 step work sheet, take this line, add that line, take a percent, and half an hour later you find out Social Security is a little bit taxable.  They pull the same worksheet dodge for capital gains and qualified dividends. 
   Then there are a myriad of deductions, exemptions, tax credits, and malarkey.  None of which help me or any one else, but you gotta read up on them just in case they might apply to you.  You feel really bad if you miss a tax loophole in your favor, so you waste more time checking them all out. 
   We ought to scrap the current personal income tax law[s] completely.  Start over with something like this.

                                       New 21st Century Personal Income Tax Law.

All income is taxable at the same rate.  Nothing is deductible.  No credits, no exemptions.  Capital gains is taxed the same as salary.  No loss carryover.  No income averaging.  Married or single, with or with out children everyone pays the same. No special deals for anyone.  Everyone pays something, no free riders.

    Tax Table

Yearly Income          Tax Rate
<$10000                  1%
$10000-$30000       5%
$30000-$125000     15%
>$125000                 25%

                                                              The End

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