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June 27, 2006


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Yes! I'm a huge fan of tax code simplification...It should be a simple, straightforward process...

I have been hearing about flat tax, fair tax, consumption tax, tax simplification, removal of loop holes, excising corporate welfare, etc, etc, etc for as long as I have been paying taxes (about 15 years).

When I was younger and more naive I thought it was just a matter of time until they "fixed" the tax system to some degree.

I now believe that 15 years from now it will be more complicated with more special rules than it has now. No flat tax, no fair tax, and certainly no consumption tax will have replaced our current system.

In fact in 15 years from now enough problems are going to be going on with SS & Medicare that tax rates will be forced to go up and its unlikely that is going to happen through tax simplification, likely there will just be more brackets and faster rate increases on the tax rates.

I hope I am wrong but if I was betting on it, my money would definately not be riding on a simpler and cheaper tax system in the future. I suspect we are looking at a long term low in tax rates and taxes paid right now. I think it almost certainly goes up from here.

The answer is simple: We need a sarbanes-oxeley style legislation for taxes which would require every member of congress to do his or her own taxes and attest, under penalty of perjury, that it is accurate. If such a thing happened, the tax code would simplify rapidly.

But then again, such a thing won't happen.

Just an idea, but the govt. is probably keeping it so complicated, so more money will come in. It were simplified we would know how to write off more & save more money. Of course the govt. wants it complicated too so we we'll never know every trick to save.

A simpler tax system will never happen. There is an entire industry based on it and its a big one. You simplify the system and there will be millions of accountants looking for jobs. No politician is going to send that many people to the unemployment line.

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