Reply to What really needs to be fixed in the tax code?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Eliminate ALL deductions and exemptions.  Institute a flat % tax.[/quote]

YES - but only if we get rid of capital gains and raise the threshold on estate taxes.[/quote]

Yep I agree, but also there still needs to be a plan for other forms of income. 
So salary is covered. Would it still be flat for:
Dividends
Rental income
Estate/inheritance
Etc[/quote]

I think eliminate virtually all deductions and keep the progressive tax system and a progressive tax on all those other things. Progressive tax system all around but zero loopholes and deductions for anyone.

People start paying taxes when they hit 40k.

If we're keeping any deductions personally I would support mortgage interest tax deductions because it promotes home ownership and childcare deductions because its so expensive and really cripples the middle class for possibly a decade as they have kids. And despite the histrionics of people on this board, encouraging people to start families and procreate is the future of this country.

I would also propose eliminating the corporate tax rate all together and simply ratcheting up the highest bracket. Tax it as income. Or having a lower rate and ratcheting up the high bracket. Either way.[/quote]

I have issues with your suggestions. I went to type out the problems I see, but honestly I don’t know enough to offer a different opinion!!
We surely have enough very smart people to figure out how to make this fair, and how to make the math work. (But not me..I apparently have a lot more research to do in this area.)

What is attractive about the flat tax is the idea that it could be more ‘fair’ than the progressive tax. Hear me out. If you offer a progressive structure, and you have ANY deductions, the rich WILL deduct themselves out of the fairer progressive tax. ***Face it, they gave a lot more decision power to make the system work for them. They’ll just reconfigure their wealth/assets based on the new opportunity cost of a new system.***

A flat tax with zero opportunity to deduct, would force them to pay in, and relatively fairly.

L[/quote]

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