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Federal Income Taxes Made Simple

The President's Advisory Panel on Federal Tax Reform has released a draft of simplified tax forms, dubbed The 1040 Simple. Paul Caron's TaxProfBlog has the screenshots. A quick look suggests the Panel have themselves a winner there.


Comments (11)

..but but but....wasn't par... (Below threshold)
mark m:

..but but but....wasn't part of this plan to eliminate the deductions for property tax and mortgage intrest?????.

Perhaps they just misspelle... (Below threshold)
JGrams:

Perhaps they just misspelled "One-half of self-employment tax"?

Looks the same to me.... (Below threshold)
joe:

Looks the same to me.

The problem is that it won'... (Below threshold)
MikeB:

The problem is that it won't be left alone. Back in the '80's the tax code was simplified so that there were only two tax brackets, 15% and 28% (IIRC). Since then, the tax code has been modified over 10,000 times. So, pardon my lack of excitement over any 'reform' that leaves the tax code in a state similar to it's current form. All this really accomplishes is to allow the K Street lobbyists to begin anew. It's a professional lobbyist's dream. Twenty years from now, we'll be back to where we are today (or worse). There needs to be a more fundamental change in the tax code.

http://fairtax.org

- MikeB

Mike,Congress will... (Below threshold)
kbiel:

Mike,

Congress will gladly tinker with the fair tax just as much as they do with the current income tax. The fair tax doesn't depoliticize taxes, it just switches it from an income tax to a consumption tax. And if you think a comsumption tax can't be just as screwed up as the income tax, then you haven't been paying attention to the stuff that goes on with each state's sales taxes.

The fundamental reform that needs to be made is an amendment to the constitution that makes federal taxes a simple percentage with no deductions or credits and that gives congress the power only to raise or lower the rate. I would prefer a simple income tax, but it could work with a comsumption/sales tax too.

Hell, if we're going to ame... (Below threshold)

Hell, if we're going to amend the Constitution, I've got one that'll do the trick:

The Sixteenth Amendment is repealed.

"The Sixteenth Amendment is... (Below threshold)
TJ:

"The Sixteenth Amendment is repealed." ... funny, that is part of the Fair Tax. Read it, learn it, live it, love it. /TJ

1) How much did you make? _... (Below threshold)
arb:

1) How much did you make? ______
2) Send it in.

I just finished reading the... (Below threshold)
NtvAmrcn:

I just finished reading the FairTax book. I totally support HR25 and the FairTax idea for one simple reason. With our current tax system, ALL of you (us) are criminals. There are so many tax laws that contradict one another that it is literally impossible to file an "honest" return. With the consumption tax, no one can make a mistake. Your property is not subject to confiscation. It requires all who are currently functioning in the "underground" or illegal economy to pay taxes they do not currently pay. I see it as a win, win situation for every citizen.

And yet another FairTax pro... (Below threshold)
kbiel:

And yet another FairTax proponent gives us glowing reviews without answering the tough question: You've passed the FairTax, great, now how do you stop congress from screwing it up?

kbiel -1) Ideally,... (Below threshold)
TJ:

kbiel -

1) Ideally, it would be written such that it would take another Constitutional Amendment to make harmful changes
2) Ideally, this whole topic will be more present in the public consciousness.

And, even assuming a worst case - once implemented it would be a much stronger starting point. I know, that isn't that strong of an argument - but it is still a VAST improvement!

I assume you agree the current system is broke, so - do you have a better alternative?


/TJ




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