Simplify U.S. tax code
so all pay their fair share
Now that the elections are over, we might be able to look at things in a rational manner, not just as Democratic or Republican ideas. The politicians have spent a great deal of our money, and now the time has come to decide to how to generate the necessary funds to pay for their ideas. If you believe that increasing the tax rate will get rich people to pay its fair share, you are kidding yourself.
Income taxes should be collected for only one reason: to provide the money needed to run the country. The New York Times estimates the tax code contains 70,000 pages. How many of these pages might impact your tax return? Wealthy Americans do not pay their fair share because the tax rates are too low; they pay less because of deductions and loopholes written in the tax code as a reward to their lobbying efforts and contributions to those in power.
Here is a way to get all income earners to pay a fair amount: If you live in the United States, you should pay taxes on all income earned in that year, even income generated outside the U.S. No tax payment should be put off to some future time. There should be fewer than 10 deductions available, and taxpayers should be limited to using only two of these approved deductions, each not exceeding some maximum amount, like $200,000.
How would these potential deductions be chosen? They should be the ones used most often by the lower 70% of taxpayers. The "working stiffs" still should be able to deduct things like charitable contributions, home mortgage interest, etc.
Finally, every taxpayer must file a one-page return. The minimum payment should be $5. Thus, we all have some skin in the game.