You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
You forget one concept. Determination of income, which the 15% doesn't help.
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
You forget one concept. Determination of income, which the 15% doesn't help.
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
As long as I'm paying less than the half blood prince was stealing I'm good!
US government spending is around 35% of GDP. Not sure how we get there taxing 15%...
It's really simple, you stop spending 35%.
We have 50 states that all have a government structure, with counties that all have a government structure with cities that all have a government structure. They all have their own National Guards, etc.
You could get rid of property, death, capital gains, and everything else if you just did a 15% flat tax of all personal income regardless of method.
You would get rid of all the hiding and complicated maneuvering.
You forget one concept. Determination of income, which the 15% doesn't help.
Income is income. If you sell stock, land, holdings or anything else for more than you paid for it that's income.
Let's say you own a small business, say party light candles. Can you deduct your car? Cell phone? Medical insurance? Business use of your home? What is timing of inventory? When do you write off capital assets, like say a laptop? If you buy a tractor?
Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
You just answered your own question. Business expenses are business expenses, just like now. Whatever you bring in that equals more than you spend you pay taxes on. Sound familiar?
Whatever that number is you owe 15% to the government.
US government spending is around 35% of GDP. Not sure how we get there taxing 15%...
It's really simple, you stop spending 35%.
We have 50 states that all have a government structure, with counties that all have a government structure with cities that all have a government structure. They all have their own National Guards, etc.
Our federal government is into way too much shit.
That's all true except the "it's really simple" part.
Some states would be just fine, or better off going it fiscally alone. Some would starve and see their homeless population multiply 100 fold. Guess which ones?
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Like I said, the vast majority of the tax code is determination of income and the tax "reform" doesn't touch one bit of it.
We have 50 states that all have a government structure, with counties that all have a government structure with cities that all have a government structure. They all have their own National Guards, etc.
Our federal government is into way too much shit.
Whatever that number is you owe 15% to the government.
Some states would be just fine, or better off going it fiscally alone. Some would starve and see their homeless population multiply 100 fold. Guess which ones?