The GOP said one of the first things on their agenda is tax reform. Well see how that goes. Its a Herculean task, in my mind, unless we just eliminate the entire system and IRS and establish a flat tax. According to an article by Jim Meyers in Newsmax, a report by the non-partisan Tax Foundation states that it takes Americans 7 billion hours to complete IRS paperwork every year and costs individual and corporate taxpayers more than $165 billion a year to comply with the 70,000+ page tax code. Wow! By the way, for all of the We are the 99%! screamers out there, the article goes on to report that taxpayers earning less than $100,000 account for 18% of all income taxes. Those earning more than $100,000 pay over 80% of the taxes...The top 1% of earners pay 37.4% of income taxes. The top 10% of earners pay 70.6% of all income taxes. The bottom 20 percent of earners receive $8.13 in federal spending for each dollar they pay in federal taxes. Yes, we definitely need reform, but this everyone needs to pay their fair share rant insinuating that somehow the wealthy Americans dont pay anything and need to be soaked with higher rates is getting old to me. We need to cut waste, reduce the size and reach of our monstrous octopus government, cut taxes and simplify. Period.
Posted on: Wed, 12 Nov 2014 17:55:29 +0000
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