"Watch your thoughts; they become words. Watch your words; they become actions. Watch your actions; they become habits. Watch your habits; they become character. Watch your character; it becomes your destiny." -- unknown

Insanity is doing the same thing over and over and expecting different results - Albert Einstein

Taxes are done
February 09, 2008 - 4:09 pm

I frowned as I read through the paperwork TubroTax suggested I print. No, it's not that I owe money, I don't, it's that.. my actual tax rate is about 10% lower than what was collected.

In other words, thanks to various deduction, Uncle Sam took about 10% too much money.

Don't get me wrong, I'm happy to get a refund and know exactly what I'm going to do with it... but the process is just beyond retarded.

Why not simply "fix" the tax rates so that there are no deductions?

Now I know the art of deductions is beloved by many, but piss off. My way, to my thinking, is better all the way around. You see, in my system, you don't need to fill out a single form beyond making sure you're in the right bucket of single/married/head of household.

That's it. All the rates would be much lower... and no way to 'wiggle' out of this or that. If you work for a company, as I do, that pays your income tax for you.. well, you're all set. You invest money? Well, your brokerage would handle the tax for you.

Sure, some folks would still need to do forms.. but not most. The IRS could be a lot smaller.. and well, sure.. lots of CPAs and tax folks would be out of business, but that's all taking spend out of the system and for the best.

It's a simplistic beautiful idea. While you don't get 'money back', that money is never taken from you in the first place. You get it up front and can invest it to hear interest or whatever... or blow it right away.

I know, it will never work.

I just get annoyed with systemst that are broken. I don't hate taxes, I recognize they are really good and necessary... unless you want to pay fees to use roads, be covered by the police/ambulance and for school... and a whole host of other things you don't directly pay for now.

What I don't like are all the things taxes are used for... but that's a whole other issue.

Anyway... mine are done.

Aren't you proud of me that I did them?