Federal Tax Deduction Rates
June 29th, 2009
Question: Should we eliminate the federal income tax?
1.
a) repeal the 16th amendment .
b) create a new fairer income tax amendment
c) amendment isn’t necessary just change the tax laws
2. Should we replace the income tax with:
a) a fat rate tax on total income over the average standard of living and allowing only deductions for certain unforeseeable and investment expenses and capital losses.
b) a national sales tax with a certain amount deductable for common household expenses.
c) direct taxation on the states based on population size.
d) We dont need to replace the income tax, just cut spending
Answer: It is tough one, for sure.
A national sales tax would be tricky to implement… because WHO collects? And from who? You can’t have the federal government collecting taxes from businesses… that violates the Constitution. So, the state would be responsible for collecting and paying to the government? At what rate? Not all states have the same amount of commerce, and it fluctuates… so, you would have to establish a minimum. So, prices of things would start to fluctuate to the point where some people may cross a state line to buy things, which eventually would either raise the prices even more or maybe cause a certain state to be paying more to the fed then they are actually taking in… It would be a bigger mess than the current code within about 20 years…
Maybe we go back to the old ways… Before the Civil War, there was no federal tax… In fact the reason there is a 16th amendment at all is because the Supreme Court ruled that he income taxes of the 19th century were illegal. It was made legal through the 16th!
If there were not so many government programs, that is if the states took more responsibility for their own people, there would be less need for federal taxes!
Items on Amazon Right Now for Federal Tax Deduction Rates:
| | Deductibility of exit and entrance fees paid to the FDIC.(Federal Deposit Insurance Corporation): An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on June 1, 2002. The length of the article is 842 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.Citation DetailsTitle: … |
| | Falling federal interest rates can precipitate interest disallowance.: An article from: The Tax Adviser $5.95 This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on July 1, 1996. The length of the article is 843 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.From the supplier: Corp… |
| | Federal deductibility and local property tax rates (NBER working paper series ; working paper) … |
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