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

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

Flat tax should have the first 25k or whatever exempted to allow the working poor to have a chance.

Flat tax would need to cover all current taxes: estate, dividends, etc.[/quote]

I ask about estate tax, because some people think estates shouldn’t have a tax. (Yes usually the ultra rich ha ha.) But it may be a matter of principal, the idea that the money has already been taxed. (Unless it is from a foreign relative!)

I don’t want to get this sidetracked, but what do we all think?[/quote]

I agree that the double taxation isn't fair, but at the same time, we are not an oligarchy. If someone has done very well in their lifetime and wants to pass a nest egg on to the next generation, then that is great. But consolidating billions is not great. As such, I am generally in favor of an estate tax, but maybe lift the exemption provision to $10M or $20M, and then have a tax on it from there. No one is suggesting taking it all away, but there should be incentive for older wealthy people to make strong donations to institutions etc.

Also need to figure out how to shelter a tax code from the various LLC's and "foundations"[/quote]

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