Wednesday, April 5, 2017

Income tax reform

Doing my taxes.  PITA.  I'm ready for tax reform.   Here what we ought to get in a tax reform.

  1.   Income is income, no matter where from.  Right now you gotta split your income up into ordinary income, interest, capital gains, foreign income, dividends, qualified dividends, rent, royalty, and who knows what else.  Income should be income, and it's all taxed the same way.
2.   No more crappy little work sheets in the 1040.  It's loaded with them.  They give 20-30 step instructions to calculate stuff.  By the time you reach the end of the 30 instructions you have no idea what you did, and what it means, or have any idea if you did it right.  IRS shall be required to state in ONE, English language sentence, how to calculate EACH box on the 1040.

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