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wm030303
wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience:  I am both a CPA and EA with over 30 years of experience in solving tax related issues.
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I am doing a paper on Flat Income Tax. (Alternate Tax System

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I am doing a paper on Flat Income Tax. (Alternate Tax System Research Project) Goal: Research the concept of an alternate tax system, either Flat Income Tax or National Sales Tax, or a hybrid of the two, and compare this to the current tax code. Specific Requirements

Note: You do not need to address Corporate and Excise Tax considerations with this project. This assignment is focused on Individual Income Tax methods.
----All I am looking for are some places to go to read up on the Flat Income
Submitted: 2 years ago.
Category: Tax
Expert:  wm030303 replied 2 years ago.

wm030303 :

Linda, Hello I sent you a message. do you want my opinion and/or ideas on the flat tax or just internet references which it appears as if you are already researching yourself?

Customer:

I would prefer to receive your opinion and/or ideas on the Flat Income Tax in that you would also be a type of reference.

Customer:

Of course I would appreciate other references I could read also.

Customer:

Would you prefer to see the entire paper requirements

Customer:

Attachment: 2011-12-01_184008_alternate_tax_system_research_project.docx

Full Size Image
This may help clear up what I am attempting to explain.

Customer:

Not supposed to write personal things, but if I get out to Tempe

Customer:

to see my son, I will try to look you up! :o)

wm030303 :

The reason a "flat tax" of lets say 15% of income would not work is simply because income or taxable income is too difficult to calculate. There are way too many sources of income in this country and although wages and reported 1099 income is usually considered taxable income there are still way too many people in this country that get paid cash and do not report their income. If there was a flat tax the wealthy people in this country would still find ways to shelter or hide their income. The current system almost penalizes W2 employees as compared to independent contractors who are able to reduce their taxable earnings with more allowable business deductions.

Customer:

What if there was a flat tax and absolutely NO loopholes

Customer:

or deductions

wm030303 :

People receive disabilty income that may or may not be taxable, they receive workman's compensation that is not taxable, they receive social security disabilty or retirement income that may or may not be taxable. They buy and sell capital assets that may or may not be reported accurately.

wm030303 :

If there were no loopholes or deductions it would be very hard and costly for the government to enforce.

Customer:

hmmmmm

wm030303 :

There is way too many ways for people to hide their income.

Customer:

do think it would be easier to take the other side and do the National Sales Tax? I just don't think that one is fair to the middle and lower income people.

wm030303 :

I wish there was a fair way to tax people and the most wealthy people who have most of the income would pay most of the taxes.

wm030303 :

A national sales tax may not be as dificult to enforce unless it created more black market sales.

wm030303 :

It would hurt the poor and middle class

Customer:

Exactly. That is why I was looking at the Flat Income Tax

wm030303 :

It would need to create as much or more revenue than the income tax.

Customer:

It is an income tax.

Customer:

or were you talking about the sales tax

wm030303 :

Many working poor single parents depend upon the tax credits to help them get by.

Customer:

True

Customer:


Darn it

Customer:

Neither one it 'good'

Customer:

Any ideas?

wm030303 :

They could try to simplify the income tax code, but the special interest groups never seem to allow this too happen

Customer:

Well, this is MY paper. So I could write what I would like to see done. What do you mean about the income tax code?

wm030303 :

the income tax laws.

Customer:

Are special interest groups the same as lobbyists (sp)?

Customer:

got it

wm030303 :

yes

Customer:

yes, they are "special" people

wm030303 :

Well maybe this has given you some ideas

wm030303 :

I really wish the wealthiest people in this country could pay 80 - 90% of the taxes and the remainder of us could still strive to get to this wealthy status.

Customer:

It has. Do you know of any magazines or articles I could turn to? I have to have references. I'd love to list you, however, I am sure you do not want to give all that info out. ~May I send 1 problem to you later today. ~May I send you a huge project tomorrow that is due in a week? So, reference suggestions?

wm030303 :

Most of us need to just work and get by

wm030303 :

I'll research some and get back to you.

Customer:

My mother, who passed away 12/2009, said for years that if everyone was taxed 1% we would be better off. Of course she was talking a bit ago.

wm030303 :

I'll try to help you later today with other problems.

Customer:

Ok on Research. Ok. I will get them ready.

Customer:

Bye

wm030303 :

bye now

wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience: I am both a CPA and EA with over 30 years of experience in solving tax related issues.
wm030303 and other Tax Specialists are ready to help you
Customer: replied 2 years ago.

Dear Wm,

Is that link for one resource or many?

Customer: replied 2 years ago.

Dear Wm,

1) Was that link for one resource or many?

2) I have my problem ready to send to you.

Will open new ticket.

Expert:  wm030303 replied 2 years ago.
ok
wm030303, Enrolled Agent
Category: Tax
Satisfied Customers: 112
Experience: I am both a CPA and EA with over 30 years of experience in solving tax related issues.
wm030303 and other Tax Specialists are ready to help you

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