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Flat Income Tax or Current Income Tax

Updated on September 27, 2014
Sylvestermouse profile image

"Strives to see the beauty in every creation, even though sometimes the beauty is hidden at first glance." Quote by Sylvestermouse

US FEDERAL INCOME TAX ~ Flat Income Tax or Current Income Tax

Cast you vote and share you opinions on Flat Income Tax or the current Income Tax.

Each year I spend weeks gathering receipts, W-2's, 1099's, bank statements, etc. in order to file our annual Federal Income tax return.

What Fun Right!

Each year I ask the burning question: "Is there an easier way?"

Each year I ask the burning question: "Is there a faster way?"

Each year I ask the burning question: "Is there a more equitable way?"

Each year the voice in my head suggests an answer: "How about a simple Flat Income Tax"

A Flat Income Tax ~ The Definition

"A flat tax (short for flat rate tax) is a tax system with a constant tax rate. Usually the term flat tax refers to household income (and sometimes corporate profits) being taxed at one marginal rate, in contrast with progressive taxes that vary according to parameters such as income or usage levels. Flat taxes offer simplicity in the tax code, which has been reported to increase compliance and decrease administration costs." ~ Wikipedia

via Wikimedia Commons
via Wikimedia Commons | Source

Progressive Tax ~ Definition

The Current US Income Tax

"A progressive tax is a tax by which the tax rate increases as the taxable base amount increases. "Progressive" describes a distribution effect on income or expenditure, referring to the way the rate progresses from low to high, where the average tax rate is less than the marginal tax rate. It can be applied to individual taxes or to a tax system as a whole; a year, multi-year, or lifetime. Progressive taxes attempt to reduce the tax incidence of people with a lower ability-to-pay, as they shift the incidence increasingly to those with a higher ability-to-pay." ~ Wikipedia

The Process of Filing a 1040 Income Tax Return

Here is where the Real Fun Begins!

In an attempt to decrease our tax burden, we spend days, even weeks, trying to find the elusive tax deductions.

  • Dependents
  • Mortgage Interest
  • Medical & Dental Expenses
  • Contributions
  • State Sales Tax
  • Property TaxB
  • usiness Expenses
  • Education Expenses
  • Casualty, Disaster, and Theft Losses

As the list grows shorter each year, we ask ourselves "should we have had a child last year?"

Then when I look at the actual form, I wonder if I need a lawyer, a tax specialist, a CPA or all of the above! Wouldn't it just be easier to send them a percentage of my Gross Income and get back to living?

Now I Ask You The Burning Question, What Do You Think?

Flat Income Tax or Current Income Tax

Born Free Taxed To Death Mugs by burntright
Born Free Taxed To Death Mugs by burntright | Source

Thank you for stopping by!

Do Come Back and See Me Again!

~ Sylvestermouse ~

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© 2010 Cynthia Sylvestermouse

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    • profile image

      anonymous 5 years ago

      It's a debate we will hear a lot more of in the coming weeks and months. Let's see what happens in Washington.

    • nichevalue profile image

      nichevalue 7 years ago

      Great debate - Now if we could just get our elected officials to serious look at the issue of taxes and spending!

    • SoyCandleLover profile image

      BW Duerr 8 years ago from Henrietta, New York

      Great debate that effects us all. Well done. :D

    • SandyMertens profile image

      Sandy Mertens 8 years ago from Frozen Tundra

      Great debate.

    • RhondaAlbom profile image

      Rhonda Albom 8 years ago from New Zealand

      Interesting debate.

    • puzzlerpaige profile image

      puzzlerpaige 8 years ago

      Very hot topic. You've got my adrenaline flowing for the day!

    • mschuerer profile image

      mschuerer 8 years ago

      Terrific debate!

    • lakern26 lm profile image

      lakern26 lm 8 years ago

      Very interesting! I've never heard of this before, but I enjoyed learning about it. Thanks!

    • Heather426 profile image

      Heather Burns 8 years ago from Wexford, Ireland

      Great topic!

    • jptanabe profile image

      Jennifer P Tanabe 8 years ago from Red Hook, NY

      Would definitely love an easier way to file taxes! But can I have more income too - then I'd be able to pay taxes more easily, wouldn't I? :)