Fix the Broken IRS Code

[babsbunny]

http://www.politicsplus.org/blog/?p=3087

I’m no accountant, but I know that the IRS code is filthy with loopholes to enable the uber-rich to evade their fair share of taxes. What I did not know is that they are the ones who benefit most from tax relief that is ostensibly for the poor and middle classes. That stinks!

IF YOU WERE spending $400 billion a year on social programs, would you give half of that to the wealthiest 5 percent of Americans? We didn’t think so. But that is the perverse result of the stealthy spending conducted through the federal tax code. The code is salted with "tax expenditures" — programs, many worthy, designed to promote policies from homeownership to education to retirement savings. There are two problems with this approach.

[bbinacan]

1. About half of this country

pays no income tax.

[jtuck004]

2. Maybe because the other half has most of the money? n/t

[Scuba]

3. Why are those that make millions by NOT WORKING assessed...

...a lower rate than someone making $30K working his or her tush off? Capital gains tax rates need to be in the equation, not just payroll taxes.

And how about the Paris Hilton Tax Relief Act? Don't the maids who cleaned all those hotel rooms deserve just a little bit of Paris's pie? Couldn't she squeeze by on maybe just 5 or 6 Billion dollars?

[TexasProgresive]

4. Do you have any Idea who wrote the IRS code?

It's congress and good luck on getting congress to make the code better, much less simpler.

[Gaedel]

5. They tried in 1986

Supposedly, deductions were traded off for rate reductions. Unfortunately in the last minute haggling over keeping it revenue neutral a lot of complication crept back in.

What i liked was the senator who gave this philosophy on taxes, loopholes, and deductions and the contortions his colleagues were going through:

"Don't tax you. Don't tax me. Tax the other fellow behind the tree."

[Statistical]

6. .... "because he stole the whiskey, I stole the wine, and all I ever do is the double-time"?

Not sure why but the combination of your avatar and your quote made me think of "MP MP". Not sure if that was intentional.

Ok end of the thread hijack back to your regularly scheduled thread already in progress.

[Statistical]

7. The IRS code is the way it is because nobody wants to give up their deduction/exemption/credit.

Everyone just wants the other persons exemption to go away.

No reason that 99% of the deductions/exemptions/credits couldn't go away.

A single per person exemption and then taxed in progressive structure.

Only extreme situations would warrant a deduction. However most people would rebel if their favorite deduction was on the chopping block.

I would eliminate all of them in favor of larger exemption and more progressive rate structure.