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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Tax Deferred Annuity right for me? Date: 4/27/2013 5:28 PM
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JLC:

<<<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.

Regards, JAFO
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