“Every new sweeping tax law Congress enacts â€” always called a ‘reform’ â€” makes the job even more complicated and, if possible, more confusing. And the tax code longer. But we’re all supposed to swear, on penalty of perjury, that we’ve done our best to find it… Is tax reform the answer? It’s more like the problem, since every reform tends to complicate tax law only more. And the longer and worse the tax code gets, the less chance there is of really reforming the thing. What to do? Don’t mend it, end it. Abolish the tax code and start all over. Think about it: Would anybody starting from scratch come up with a system as indecipherable and counterproductive as the one we’ve got? So why not opt for a clean break with the past? Abolish the Internal Revenue Code and begin anew.” â€”Paul Greenberg
“[The tax code] is a monstrosity and there’s only one thing to do with it. Scrap it, kill it, drive a stake through its heart, bury it and hope it never rises again to terrorize the American people.” -Steve Forbes
I can think of not one single person who thinks that the income tax is not broken. As Paul Greenberg asks above, “Would anyone starting from scratch come up with a system as indecipherable and counterproductive as the one we’ve got?” Not hardly. The only question is, what do we replace it with? This week we’re going to keep it short and simple, because you have a homework assignment.
We can argue till the cows come home about the relative benefits of the Fair Tax, the Flat Tax, and the Income Tax (are there benefits to the Income Tax?), but “the proof is in the pudding”, as they say.
Please take the time you might spend reading a longer post, and visit The FairTax Calculator. There are eight (8) fields to complete, you’ll probably need your income tax return and a current paycheck for yourself and your spouse (if you’re married). After doing that, click “Submit” to get your results. Don’t forget to read the note at the bottom of the screen regarding your FICA (Social Security) taxes!
Then comment on this blog regarding the results. Would you like to see the FairTax implemented? I’m betting the answer will be a resounding Yes!