How about we make the tax code simpler and eliminate loopholes at the same time?

Question

First eliminate the differentiation of income source, wages, capital gains, stock gains are all one category INCOME.  Next, below 1.5x the poverty level(~$35k for a family of 4), no taxes are owed, period.  The lowest wage workers get the gross amount of their wages(increasing their available income).  After that, taxes are collected on all income types and sources at 33%(average rate for all taxpayers in the range of over $35k).  Maybe a standard deduction could be allowed.  Also, that would be the entire code.  Your tax form would basically be 6 lines:  income total, standard deduction, income-deduction, result *0.33, payments, taxes-payments.  Its a win-win the rich pay less(like they want) and the poor get more of the money they earn(helping them), plus the IRS could be shrunk.

Anonymous · Accepted Answer

Apply it to corporate America but give them breaks for keeping the jobs here.
I like your ideas but many of the wealthy people will have their tax obligation increased because they use the breaks/loopholes you suggest closing ... that's fine w/ me. The wealthy people don't care one iota about me.

Anonymous · Answer

If life were simple you could simplify the code. But it's not.

Your best idea is evening the income playing field . But the über wealthy will never allow it.

lestermount · Answer

a flat tax or national sales tax or anything other than the corrupt system now in use would be better.

Anonymous · Answer

There is legislation in process and Obama has said he will veto it.

John · Answer

Who will focus Congress to do that?

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How about we make the tax code simpler and eliminate loopholes at the same time?

5 Answers