The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Tax Deferred Annuity right for me?||Date: 4/27/2013 5:28 PM|
|Author: JAFO31||Number: 118510 of 120426|
<<<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."
Except that most of the Tax code is about defining income.
For a business is the revenue from ggods sold all income that is taxable? IOW, I am asking whether you simple proposal makes costs of goods sold irrelevant?
"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."
See prior comment
It would not take years, it would happen immediately before you could even pass such a law.
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