Time to write the Congressman! From the INTERNET: According to the Fiscal Year 2005 budget plan recently released by the U.S. Department of Treasury, the federal government is proposing to turn the collection of federal income taxes over to private industry. National Treasury Employees Union President Colleen M. Kelley called the Treasury Department's proposal "risky, costly, and unnecessary." "This proposal would risk exposing sensitive taxpayer nformation, would subject taxpayers to the abusive tactics of private debt collectors, and would cost U.S. citizens much more money than if IRS employees did the job," Kelley said. This budget plan is not the first time the federal government has considered privatizing federal income tax collection. According to NTEU, President Bush first proposed using private debt collectors about a year ago, but Congress reviewed and rejected the idea several years ago. The president's bid to privatize federal income tax collection may be considered by Congress before the FY '05 budget. Last March, Rep. Amo Houghton (R-N.Y.) introduced legislation to allow the IRS to use contractors to collect federal income taxes. In September, Sen. Charles Grassley (R-Iowa) attached a provision permitting private tax collection to an unrelated international tax reform bill, the Jumpstart Our Business Strength, or JOBS, Act, which was reported favorably by the Senate Finance Committee and awaits action by the Senate. The JOBS Act has to be approved by Congress and signed into law before March in order to avoid World Trade Organization penalties for American corporations. NTEU is not alone in opposing the administration's proposal. The Tax Executives Institute, the National Association of Enrolled Agents, the Tax Section of the American Bar Association, the Consumer Federation of America, Consumers Union, National Consumer Law Center and the National Consumers League have all voiced concerns about to the plan. :af: - Bill
abolish the IRS This whole IRS thing is bogus anyway. The tax code last I heard was what, 3 feet thick? It's time for scrapping the whole mess and going to a more fair system. I wouldn't mind paying tax on my purchases, as long as there were no more income taxes. That way everyone pays their fair share. If you can afford a $300,000 dollar car, pay the tax on it. If all you can afford is a $20,000 car, pay tax on that. This way everyone pays their fair share. Food and medicine, no tax. It really :blast: me off when I hear that some billionaire paid less tax than most middle class people because of tax loopholes. Well, I don't think things will ever change, my idea would just put a large number of CPA's out of work. My 2 cents, probably not worth much.
I don't believe the "billionare paid less than me" story for one second. That is political hype, hate the rich BS! As the owner of a small but prosperous company, I pay more in taxes than than my three highest paid employees combined. You can also bet that I look for every loophole known to man because the current code is way out of whack. Next time you feel like the code is unfair to you, look at the gross on your paycheck and divide by two. That is how much the government takes from me and my family. In a good year if my comapny makes $400,000 they want $200,000, is that right? How do I pay a decent living wage to my employees, create new jobs, pay for healthcare, if Uncle Sam is digging that deep into MY pocket? I've got some bad news for the corporation and rich haters out there, be careful not to bite the hand that feeds you
taxes i do not know about your sales taxes , but we pay 15% added onto a purchase at time of sale - 8% provincial sales tax & 7% general sales tax .
The flat tax has been sought after by many for years now. Another concept: No taxes from your pay check. Taxes are paid semi-annually. When folks get THAT bill they will be calling their Reps, Congressmen etc. Still others say to have the tax bills sent out the week before elections are held. Think about the "lifers" in Gov't and the work they would FINALLY do to protect YOUR money. Make your voices Known!! Steve
I noticed that so far I'm the only NY state resident who posted so far. I know just what Brent means. In NYS we have the highest taxes in the nation. I have an accountant do my taxes, I don't even know where to start. The system as it is is just simply unfair and too complicated to understand. It shouldn't have to be this way. For the money spent by us to have it all deciphered and applied, combined with the tax money spent on enforcement and collection the way things are now, we could get a lot more for our money by just starting over. It's all just too complicated. I don't understand things well enough to put up a good arguement here, but it's obvious to me there needs to be some changes when I have to just throw my hands up in the air and trust a CPA to do it all for me.
I think there is more truth to it than you realize, it's just that the loopholes are in places that only the mega-rich can afford. Here's a good example: The KC Royals traded a player a year or two ago (I can't remember who) and he was having to move across the country. I remember a soundbite that they played on the radio about how if he sold his land in Kansas this trade was going to make him lose about $50,000 a year in Federal Farm subsidies. So, this guy that isn't a farmer (and makes millions of dollars a year working part-time) makes more in farm subsidies than I do working full time. It's also reasonable to expect he gets a writeoff for his unprofitable farming business, gets tax deductions for interest payments on the land, and depreciates the value of any buildings on the land. (It's not like the market value of the land is going down either...) So, he does all of that, AND makes a fat federal subsidy check to boot? He's a freakin baseball player! :rant: I bet he pays less in federal taxes than you do. I've got a business degree, and I took several tax accounting classes (and even one in tax law). I'm sure that if I had that kind of money, and could afford to do that kind of income sheltering, I wouldn't pay a dime in taxes. - Freed
Re: abolish the IRS I'd have to agree....a flat national tax would really simplify things. Not only for the tax payer...but, the gov't also!! I'd also have to agree with Brent about how hard small business gets hit. I remember talking about this subject with my boss 8-10 years ago. Seems everytime the Capital Gains taxes were lowered, more $$$ was generated - by the business owner AND the IRS!!:Smarty: And everytime the Cap. Gains taxes were increased, less money. Businesses 'tighten the belt' when they have to pay more. That means they spend less on their employess, less on upgrades, R&D, etc.
For all you New Yorkers out there, you'll be glad to know that I may very well be the person that inputs your state return into the system. Had my first day of training for it today.
