Quote:
|
Originally Posted by asawadude
The concept to simplify an overburdening tax system is embraced across party lines, but there is no clear cut agreement on the means of implementation. A flat tax proposal has to address the individual tax system, business and corporations, and Social Security. Income, revenue, and expense would have to be redefined under new terms. We don't have just simple income in the U.S.; we have Adjusted Gross Income. Every line item entry that adjusts income would have to be reevaluated.
|
Hi Asawadude,
What I'm thinking is to tax all of this the same. No expense breaks, or any other breaks or deductions, for business, corporations, or individuals. That would automatically get rid of the "Adjusted Gross Income" thing. All that crap is what has made the system so fraking complicated in the first place!
Whether the tax is applied to a business, a corporation, or an individual, they each have a net income/profit. TAX THAT. Equally. Like this:
John Doe made $100,000 last year, He pays XX% tax on that.
ABC corporation made $100,000,000 profit last year, the corporation pays the same XX% tax on that just like a person.
What's so difficult about that? All that needs to be done is calculate the percentage needed to maintain the current tax revenue.
Of course a business or corporation has no need for Social Security so that would only be applied to individuals for the present. With the implementation of mandatory enrollment into an individual retirement plan Social Security will eventually not be needed.