If you, want dysfunction, you need to read the State and Federal Tax Code. Oh, not a single member of Congress or Senate are ableto do their own taxes. And they wrote the rules.
Families like mine make economic decisions not based only on need, but on how the tax code will affect our bottomline and retirement plans.
The worst part is that over the years we have changed our financial plans based on new tax laws,and we never know how long it will be before newer tax laws will harm us if we do not change once again.
Flat tax, Fair Tax, 999.-whatever-we need to repeal the tax codes and end the corruption of government helping some and harming others by a paragraph, hidden away, in the tax code.
Do you believe the IRS is fair, honest or functional?
by Stephen Frank, California Political News and Views Editorial, 12/04/11
It is estimated that American spend almost half a trillion dollars in trying to abide by the U.S. Tax Code, all 72,000 pages. Even the members of Congress who write and approve the tax code must hire CPA’s and attorneys to fill out their tax forms.
Millions of non productive hours are spent, with a hefty cost, to fill out the forms. Corporations keep hundreds of billions of dollars outside this country because of the tax laws. That is money meant for investment, job creation and research. All gone because special interests donate to the “right” legislators and another tweak of the code for one person or one corporation is installed in the code—with the unintended consequence of making it even more difficult for others to obey the law and still make a profit.
Over the years my wife and I have saved, bought life insurance policies, annuities, SEP IRA’s, Regular IRA’s, Silly IRA’s (I even have a cousin Ira), Roths of different varieties and more. All of this to save tax dollars and to save for retirement.
As the tax laws change, our need to protect ourselves grows. Now we are being told we should buy funny, but legal, life insurance policies of different stripes, all for the purpose, under current laws, to move money to non taxable status for the future.
Here is the problem. We can make all the financial changes we want, today. Yet, tomorrow the laws will change and we will be back to ground zero.
For instance, until 1999, in California you were only allowed to protect the first million dollars of your estate from the State tax collector. Now it is $5,000,000. But, that is only good, under current law, till December 31, 2012. If you do not die before then, if you have more than a million in assets, you will be fined for saving and doing the right thing.
Do we know what the laws will be in a year? In a month?
In our case, my wife has spent 20-25 hours working on our financial future over the past month. Financial folks spent more than fifty hours, so far, putting together charts, plans and proposals. All of this for the purpose of avoiding taxes. What a waste of time, effort and money.
This is how American businesses and families spend their time. If they have any savings, trying to keep it for themselves and their families, not the special interests in Washington and Sacramento.
I will not support any candidate for President, in the primary, that does not directly say they will work to repeal the whole tax code. We do not need to make it fairer—it can not be. I do not want to hear that special interest loopholes will be closed. That does not stop corporations from keeping money in other countries—in fact, it will exacerbate the problem.
We do not need any more expensive studies on the affects of the tax code. There are lots of studies that can be dusted off and re-read. America is in a Recession, California is in a Depression. Brown, Obama and their special interest friends demand a higher tax rate—which translates into fewer jobs and even more unemployment.
I do not want tax cuts. We will put hundreds of billions back into the economy by repealing the entire tax code. Stock values will go up, unemployment will plummet and we will be able to end the deficits—then cut taxes. Just think of the money saved by not having to hire CPA’s and attorneys to do your taxes.
Repeal the tax code before the tax code repeals our economic future.
The flat tax and 999 will end up giving us something as bad as what we now have or worse. Only the FairTax will stop the insanity!
May 23, 2012 at 3:30 pm
We won’t need Prozac when we get The FairTax HR 25 passed. This bill in legislation replaces the 70k plus current tax code with a simple fair and transparent consumption tax that is revenue neutral and progressive. Under the FairTax, every person living in the United States pays a 23% national sales tax on purchases of new goods and services. This rate is equal to the lowest current income tax bracket (15%) combined with employee payroll taxes (7.65%), both of which will be eliminated. A prebate to every American and legal resident insures no one pays taxes on necessities. Social security and Medicare is fully funded. Billions saved in compliance and or avoidance costs that could be invested in America. America becomes a tax haven and gains a even footing in the world market. We the people will be back in charge! No more IRS http://www.fairtax.org
May 23, 2012 at 3:12 pm
you need to keep your mouth shut talkin about that illegal immigrants need to be deported. You need to be deported to africa, and not all illegal immigrants are criminals.
December 14, 2011 at 9:50 am
Steve,
We’re more likely to have Prozac given to everyone than to have the entire Tax Code repealed-because then people would be even more zombified, so they wouldn’t do anything to protest the situation! This is already happening, by the way, as psychiatry invents more and more “disorders” that are voted into existence, and which are “treated” with expensive drugs!
Your call to get the entire Tax Code repealed is vital! Get rid of the IRS!!!! And, leave the Prozac alone!
December 7, 2011 at 2:43 pm
Stephen, I concur completely. However, before you think the tax code will change, remember the primary purpose of our tax system is not to collect income to fund government activities. Our system is designed to change behavior in accordance with what the government wants to promote or discourage. As a result, like you, I spend several thousand dollars each year working with my accountants (Yes, more than one) in order to comply with the Byzantine minutia and minimize (as much as possible) my exposure financially. Congress will NEVER fundamentally alter the progressive foundation of the taxation scheme because in doing so, they would surrender a large part of the control they have accumulated over our lives.
December 6, 2011 at 12:31 pm