The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Tax Deferred Annuity right for me?||Date: 4/27/2013 2:07 PM|
|Author: JLC||Number: 118505 of 121586|
You are grumbling, BUT WHAT IS YOUR PROPOSAL?
KISS (Keep It Simple Stupid). Firs $20k you make (from any and all sources), tax free. Everything else above that 20%. No write offs, no deductions. Would fit on a postcard.
Why should I get to write off a % charitable donation, mortgage interest, IRA contribution, etc.? I can either afford a house or I can't. Its a good cause I want to support or it isn't. I save for retirement/rainy day or I work till I'm dead. I AM PERSONALLY RESPONSIBLE FOR MY OUTCOME, not society nor Uncle Sam.
Something similar could be done for businesses.
The problem is, you get a bunch of jackwagons in Congress fighting/defining what is income. And in a few years you have 73,000+ pages of tax code.
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