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Author: telegraph Big funky green star, 20000 posts Top Recommended Fools Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 749521  
Subject: Re: OT: The MadCapitalist Tax Reform Act of 2007 Date: 1/20/2007 8:18 PM
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The problem with the current system is that 99% of the tax code is defiining

a) what is income

b) what are allowable 'deductions' to income (most of which are business related

If you have a flat tax, and still need to define income (you already alluded to 'inflation adjusted returns' which inself wiil be a horrendous tracking burden....... and 'business deductions' which occur in the earning of 'income'....

meaning depreciation? and definition thereof?

depletion of mineral resources (since your assets are being used up and you indicated that this might be considered a 'return of capital' or such gobbledegook).....???

And the tens of thousands of other pages of defining what is allowable, at what point, in the cycle of 'earning' income.

The loophole on education, which any young student will learn to drive their entire college education through, to be employed by a smart employer who defines the job as "mailroom attendant required to have a background in pyschology, history, and buisness"..... etc etc..... ain't no dummies out there, and they'll be another industry 'advising students' and 'academic institutions' on 'how to craft course contest' to be deductible as a 'business educational expense'....

How about that 5 day ski junket where 4 hours a day are spent on 'educational material' and the venue is just a 'business location' where the course is taught??

Oh, right, you'll have an entire burocracy to determine all that stuff.....

How about 'spring break' for college kids if they go on 'field trips to investigate marine wildlife in the waters off Miami with a 'certified' scuba diver????? (if their major is business with minor in 'marine systems management')?????

Why should college education be 'deductible' at all????? It isn't now, so what is the justification for it????

What has educational deduction to do with a flat tax?????

Why should those who don't go to college subsidize those who do???

Or those who did go, but it was 30 years ago?

This sounds only like a perk whoever dreamed this up figured would 'sell' the flat tax????

t.

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