Taxes that should GO!
Taxes we can do without!
We are already inundated with taxes and it looks like we all will be inundated with even more in the future. It's time we started a true tax revolt to not only lower taxes, but to eliminate some as well.
Here are the main ones that need to go:
- Income Tax - This is the granddaddy of them all. You say you get minimum wage? No you don't. You get less. But your employer does pay you, but you don't get all of it! Just take a look at the withholding section. So, in order for you to actually take the minimum wage home, your employer must pay you more than just the minimum wage! But it gets worse. You have to file, that is, "report" what you made. And not just from your job. The IRS (Read "KGB, United States Division") says that anything of value that you receive, is taxable. Not only money that Grandma gives you, but even discounts and your creditor's acceptance of a lower payment. If you work out a deal where your creditors, such as your mortgage lender or credit card company agree to let you owe less overall, than what you originally owed, the difference is taxable! That's right! If you are in financial trouble and you work out a deal with the credit card company to reduce the total amount you owe from $20,000 to $10,000, you will owe taxes on the $10,000 knocked off of your total debt! To replace, and quite possibly increase revenues to the government raising taxes, the best idea is the Fair Tax. In essence, the Fair Tax eliminates the income tax, as well as the death tax and self employment tax and payroll taxes. It eliminates the need to file these taxes and allows people to keep their entire paycheck. Please see my hub, FAIR TAX NOW! , for a more detailed explanation.
- Payroll Tax - This, too, must go! Employers pay this tax and it hurts not only their bottom line, but prevents them from hiring more people, giving raises, and keeping prices low, all of which would stimulate the economy. Plus, again, there is the cost of compliance, paperwork, etc.
- Death and Inheritance taxes - You work hard for what you've got, and you've paid taxes on everything and now, in your golden years, you make plans to leave your money and possessions to your heirs. Do they get everything? NO! What was taxed is yet taxed again ! And right at the time everyone is distraught over your passing. This is not right at all! These taxes have got to go! And speaking of...
- Probate - This is where the government steps in, checks to see that your money and possessions in the example above are distributed rightfully. And it doesn't matter that your estate is simple, that you've discussed this with all family members and there's no animosity, let alone a credible challenge, regarding said distribution of your estate. The government simply barges in like a nasty nosy neighbor whose been wrongly granted authority, and checks up on your family and charges them for it on top of everything else! This, too, is very wrong! The only time the government should ever get involved is for credible challenges where talking among the parties has first been tried without result. An example would be if two brothers who'd worked and contributed equally to the father's business with everything in writing, only to find that one has been left completely out of the will with no reason. In that case, I would say that the two brothers have to work it out or try to, first. If they cannot, then the one who was left out would have a credible challenge and must act on it legally for the courts to get involved. Until then, it should be only the family's business.
- Self Employment/Business Taxes - These taxes disrespect the idea of hard work and innovation by saying, "YOU HAVE THE GALL TO TRY TO STAND INDEPENDENTLY ON YOUR OWN TWO FEET WITHOUT REPORTING TO AN EMPLOYER AS A WAGE SLAVE!? HOW DARE YOU!! PAY UP!!" This, too, is wrong and would also be remedied by the FAIR TAX. People who decide to go into business for themselves have the potential to succeed. If they do, and if they grow their business, they will eventually hire people and buy more supplies, both of which help stimulate the economy. Self Employment and Business taxes retard this. And again, there's also the cost of compliance which compounds the problem.
- Property Taxes - You own your own home? Well, not really. That is, not if you are required to pay property taxes. And everywhere I know of, paying property taxes is a requirement of all property owners. This, in a way, makes everyone a renter, though the homeowner does have far more control over what he or she does with the property than a renter does. In reality, once a property owner pays off the mortgage, they should own that property outright, only needing to pay for the upkeep and optional insurance. They should not have to pay to keep their home or other property. Those who rent also can feel the effects of property taxes, since many landlords are forced to raise rents because of property taxes. And property tax should not be married to education support. This was a very bad idea, as it pits property owners against education. Instead, if the segment or program is indeed important, as education is, it should have a guaranteed percentage of the general fund. Yes, in lean years, that would mean less money, but money would be guaranteed, and you be less likely to foster conflict between groups, since everyone would be paying for things like education. Defense spending is more or less handled this way. We all pay for it, so no group feels singled out when defense spending rises.
There are also many other smaller, but in unison, no less onerous taxes on all kinds of things that probably should go, too, but these above are the main ones. However, if I've missed any, please feel free to add them to your comments below.
Thanks, and have a tax free day, if possible!
Taxes to get rid of!
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