With April 15th around the corner...

[SupperClub 0]

With tax day around the corner, I thought it would be interesting to see what, if any, tax reform you would be in favor of. Personally, I am 100% behind the FairTax Plan. I read the book about a year ago, and I have been a strong advocate for it ever since. Regardless, I feel like something must be done about our current system. What about you? Are you happy with the way we are currently set up, or would you change if given the opportunity?

[CCTAU 3,327]

I like fair tax. Puts the onus on every person in the country, not just the ones with the most money. Hits illegals the best since they cannot apply for the exemption money. No more free rides using our roads and facilities that are tax funded. Also has tourists helping pay costs.

[GalensGhost 0]

Fair tax looks okay to me although I am concerned about the immediate inflation it would set in motion. You don't want to end up with a situation where necessities are taxed out of the ability for the lower 15% of the country to afford.

My first choice would be the flat tax but done as a true flat tax. No deductions, no exemptions. If you receive money (even as a government disbursement) you pay X%.

[SupperClub 0]

The thing about the FairTax is that every family receives a 'prebate' to cover the cost of extra tax they will pay on the necessities every month, so it won't really have an effect on the lowest 15%, or the top 15% for that matter.

Click me for a clearer explanation.

[otterinbham 0]

Well, anything beats the current jury rigged system we have today. In truth, it exists to keep CPAs and tax attorneys in business, and chiefly benefits any constituency big or vocal enough to afford a lobbyist.

I own a business and have a partnership stake in three different commercial real estate ventures--none of them million-dollar enterprises. However, if you don't own a biz yourself, you would not believe the gyrations I have to go through to get my tax returns completed. Not to mention the hours and hours it takes to go back over my receipts, notate miles on my company car, blah blah blah ad nauseum.

I'm all for a fair tax or flat tax, even if I pay a little more. It's worth it to not have to deal with this nonsensical BS, and it's worth it to make sure that everybody pays.

[GalensGhost 0]

Well, anything beats the current jury rigged system we have today. In truth, it exists to keep CPAs and tax attorneys in business, and chiefly benefits any constituency big or vocal enough to afford a lobbyist.

I own a business and have a partnership stake in three different commercial real estate ventures--none of them million-dollar enterprises. However, if you don't own a biz yourself, you would not believe the gyrations I have to go through to get my tax returns completed. Not to mention the hours and hours it takes to go back over my receipts, notate miles on my company car, blah blah blah ad nauseum.

I'm all for a fair tax or flat tax, even if I pay a little more. It's worth it to not have to deal with this nonsensical BS, and it's worth it to make sure that everybody pays.

Same here, otter. I do business in a number of states other than Alabama and my accountant is just now finishing my 2005 returns. That's right 2005. I've spent absurd amounts of money on lawyers and accountants trying to get this done.

I'd almost rather Paulie Walnuts appear at the door of my business once a quarter to tell me what the boss wants me to pay and be done with it.

[otterinbham 0]

Well, anything beats the current jury rigged system we have today. In truth, it exists to keep CPAs and tax attorneys in business, and chiefly benefits any constituency big or vocal enough to afford a lobbyist.

I own a business and have a partnership stake in three different commercial real estate ventures--none of them million-dollar enterprises. However, if you don't own a biz yourself, you would not believe the gyrations I have to go through to get my tax returns completed. Not to mention the hours and hours it takes to go back over my receipts, notate miles on my company car, blah blah blah ad nauseum.

I'm all for a fair tax or flat tax, even if I pay a little more. It's worth it to not have to deal with this nonsensical BS, and it's worth it to make sure that everybody pays.

Same here, otter. I do business in a number of states other than Alabama and my accountant is just now finishing my 2005 returns. That's right 2005. I've spent absurd amounts of money on lawyers and accountants trying to get this done.

I'd almost rather Paulie Walnuts appear at the door of my business once a quarter to tell me what the boss wants me to pay and be done with it.

Holy Crap. 2005? Without prying, what strange twist brought that about?

By the same token, I filed my 2005 on October 15 last year. My accountant believes in filing for extensions as long as possible, chiefly because it reduces the likelihood that you'll get audited. Not that I'm doing anything wrong, but our collective opinion is that if there's a gray area in the tax code, take full advantage of it.