A debate rages in Washington over whether the tax rates should be raised for all Americans or just those over a certain income level. The issue promises to continue to divide America.
While the battle has forced many to simply choose one side or the other, why canít the alternate approach be a revamping of the tax code? Why must we hire accountants or use computer software to pay our fair share? Why must wealthier Americans get an advantage by being able to hire high priced attorneys to navigate the alleys and corners of the code?
Why canít donating to charity occur because you are trying to help someone else? Why canít homeownership stand on its own instead of as a tax strategy? Why must farmers receive tax advantages for growing certain crops or not growing others? Or any other industry receiving tax breaks via deals brokered by local legislators?
In short, separate the tax code from politics. Pick a rate (likely between 15-20 percent) and apply it to all Americans, regardless of income. You make $10,000 per year, you pay $2,000 in taxes. If you make $1 million per year then good for you and ... great for us because you now contribute $200,000 to the U.S. economy. No deductions, loopholes or funny business. One page is all anyone would need to file their taxes. Period.
This is an idea whose time has come.
Carol StreamCopyright © 2014 Paddock Publications, Inc. All rights reserved.