Wednesday, November 03, 2004

My thoughts on Fixing the Tax Code

This is simple... You have a Flat Tax....You dont pay anything on Income under $25,000 and you pay 10% on everything you earn over that. The tax form at the end of the year(April 15th)is a postcard with the following 1. Annual Salary---enter amount. 2. Tax on Income-- Under 25,000 = 0 you pay no taxes period (also note you dont get a return check either because you paid no taxes) Over 25,000 you multify amount by .10 to get tax to be paid. Example say you earn 35,000 a year. you pay nothing on the first 25,000 which leave you to pay on 10,000. 10,000 x .10 = 1000 you write a check out for a 1000 and send it in with the signed postcard and you are done.

1 Comments:

At November 17, 2005 8:14 PM, Blogger Ron said...

Sounds like you got a good handle on the tax problem. I should tell you, however, that the politicians won't like it very much. Neither will the CPA's who make a living out of the taxpayer's misery.

Nevertheless, I'm with you. It's past time it got fixed.

 

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