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Posts Tagged ‘taxes’

Those cool people at CBS Sunday Morning recently reported that IRS collects only 85% of taxes due.  In 2006, the uncollected 15% would have been 385 billion dollars and during the last decade the amount was 3 trillion dollars. 

From fudging on deductions to listing someone else’s kids, the tax code invites cheating.  When Senator John McCain was running for president, he pulled a post card from his pocket and said that the tax filing form should be that size.  I say everyone should pay a personal income tax of 14% but what do I know.  Last year, the IRS fired 5000 employees when they should have been adding tax collecting personnel.

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The USDA recently released new estimates on the cost of raising a child born last year and the numbers shocked me.  For a middle-income family, $221, 000 would be needed to get that child to 17 years old.  While the costs are lower in the South, low and no income people must gasp the financial magnitude of parenthood before adding to existing families or starting new ones.  Do I sound like a Chinese official who is in charged of population control or a concerned American weary of taxpayers’ dollar supporting those who drain the system?   So, single people without kids pay taxes to support of those who have them.

During the presidential campaign last year, expanded healthcare coverage was spun as a form of abortion reduction; patients with primary care providers learn about not getting pregnant and family planning.

In a cost-benefit analysis, I keep coming back to Speaker Newt Gingrich’s idea from the 1990s of giving young people $5000 for finishing high school, not getting arrested and not having a baby before a certain age.  While it sounds Orwellian, they could call it “Cash for Humper.”

I still think we should take a serious look at a 14% flat tax.  While many Democrats want to tax the wealthy, I find one standard tax rate reasonable.

http://news.yahoo.com/s/ap/20090804/ap_on_re_us/us_fea_parenting_cost

 http://www.cnpp.usda.gov/Publications/CRC/crc2008.pdf

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I just saw a Democratic Senatorial Campaign Committee ad against Georgia Senator Saxby Chambliss about the “Fair Tax” or 23% National Sales Tax.  What’s dishonest about the ad is that a real discussion on this matter should included the fact that the 23% sales tax REPLACES all federal personal and corporate income taxes, gift, estate, capital gains, alternative minimum, Social Security, Medicare and self-employment taxes. 

 

I am no tax expert but I would like to hear more about the Flat Tax proposal with the less than 20% single rate and the two postcard-sized forms: one for labor income and the other for business and capital income.

 

Bottomline: any intelligent discussion of the Fair tax proposal or the Flat tax proposal should included the full disclosure of taxes the new plans would eliminate—anything else is an attempt to exploit the perceived ignorance of the voters.  Not cool. 

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