Friday, August 8, 2008

Tax Structure

The tax code for U.S. taxpayers is overdue for massive change that will provide an equal system for all citizens and businesses. The current system basically allows for the average citizen to foot the bill for the government that is out of control in regard to spending and wasting tax dollars. There are too many loopholes and deductions that allow the wealthy and corporations to walk away without paying a fair share of the cost for operating the country where they make the massive sums of money. According to various sources, there are individuals and corporations that don’t even bother to file a tax return. There are significant taxes that are past due and not being collected. Revisions are needed in all areas of income tax and social security tax in order to reflect today’s society. A flat percentage tax would be a start so that everyone pays without any loopholes and this includes all businesses. Do away with all deductions (they are abused anyway). A portion of the wealthy and corporations will scream, but they will continue to operate and find ways to make even more money. The simplification of the tax structure is needed, necessary, and long overdue. Some information indicates that a flat tax would actually bring in more revenue and businesses would actually prosper. At the same time, the average citizen could have the taxes reduced and live a little better while spending more and boosting the economy. Certain information indicates that countries where a flat tax rate was established have had phenomenal results. The bottom line is the current tax code is broken and a real Congress should act in order to solve the problem.

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