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Respectfully, it is a foolish discussion to have.. There are really only 2 personal tax rates right now - with the second (higher) one effective only on that part of ones income above the top amount of the first one....so most people really only deal with one right now anyway! An certainly 2 doesn't seem excessive or overly complex.
The issue of the question, relates especially to tax code complexity and fairness, and really must address more of what comprises taxable income and deductions, not the rate applied. What I'm saying is it is generally agreed, fairness or Pros and Cons as such, are more determined by what you pay tax on than what the rate is.
Consider...mathamatically, if we have 2 rates now and went to one - all other things remaining the same (how much $ the Govt needs to raise by tax) - the rate for the higher rate would be lowered and the lower rate raised...can't happen any other way...unless you change what is taxed, in which case, likely those generally needy...who actually pay little or nothing now, will have to pay the flat rate on much more "taxable" income. Because of many things, the affluent really already have most all new "marginal" income as taxable income at the higher rate now!
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What two things did the intendancy system lead to?
It led to decentralization and increased tax collection.
What is 12.00 with tax?
In Idaho, the tax on $12.00 is 72 cents. The tax is 6% or 6 cents on the dollar. The tax rate is different all over the country.
Which nations have a cap and trade or carbon tax system in place?
The following nations have a carbon trading system in place, or are committed to implementing one:The member countries of the European UnionNew ZealandSome states of the United States of America - a federal scheme was blocked in the Senate in 2009Some provinces of CanadaJapan - to a limited extentChina has committed to implementing a carbon price in 2011.The Australian government has committed to implementing a carbon tax, to be replaced in due course by a carbon trading scheme, but as at April 2011 has not yet legislated for this.
When was No Carbon Tax Climate Sceptics created?
No Carbon Tax Climate Sceptics was created in 2009.
What tax laws affect a man giving his grandson a car?
Many states do not require you to pay tax on a "gift" vehicle. http://www.dmv.org/title-transfers.php www.dmv.org DMV.ORG - The Unofficial Guide to the DMVThe above refers to a state sales tax. And certainly, if it was any other piece of normally sales taxable tangible personal property, say a piece of art, it would even then also incur no sales tax.For income tax purposes (both Fed & State) - the grandson does not have to pay any income tax on this gift.Gifts up to 11,000 per person per year are exempt from gift tax. So each you and your wife may give that amount each year (22K per) person without any gift tax considerations. If the gift is worth substantially more than that, you can gift him that amount per year for a few years to get the job done! (There may be estate tax concerns over the lifetime giving credit, if you anticipated estate is large).It is common in estate planning to establish a system where the estate gives these gifts regularly to reduce the potential estate (inheritance) tax free..or reduce the estate to below a point where other taxes are required.
What is the pros and cons of tax free life insurance?
Life insurance benefits are generally tax free to the beneficiary. PRO is obvious.
Where can I find a cheap tax estimator?
There a free tax estimators available for online usage. They will help you determine the pros and cons, and what is best for your needs. turbotax.intuit.com/tax-tools/ www.ally.ca/Calculator
What are the advantages and disadvantages of the unitary confederate and federal systems of government?
credit recovery sucks dont it:) this is all i got so far. Pros and Cons of the unitary system of government. Pros: They usually spend tax dollars more effectively because there are fewer people trying to get their hands on tax dollars. And management of the economy is much easier because of a smaller government. Cons: No checks and balances to keep the power even. Slowly responding government. Doesn't keep track of local issues. Is a very divisive form of government. And a major bureaucracy. Pros and Cons of the federal system of government. Pros: The laws are passed in one sovereignty. Cons: Soo many rules will be passed that the people get disappointed which will cause many propagandas. be sure to reword it good luck
What are the pros and cons to pay off debt of a house?
The pros of paying off debt on your house is that it will be paid for and you will not have to worry about the monthly payments and you can use that money to pay for other things. The cons of paying off your home debt is that you can't write that amount off on your taxes. If you are paying interest a lot of that is tax deductible come tax season.
What are some pros and cons of Oregon having sales tax?
One pro is that there will be no more income tax. Another pro is that people won't want to spend as much and they will save their money.
What is proportional tax system?
The proportional tax system refers to the same percentage of tax regardless of the taxpayer's earnings. Proportional tax is also called as a flat tax.
What is Proportional System?
The proportional tax system refers to the same percentage of tax regardless of the taxpayer's earnings. Proportional tax is also called as a flat tax.
What are the pros and cons of a structured annuity settlement?
PROS: Tax benefits, forced income preservation, protected by state insurance laws, and funds are managed professionally. CONS: Unknown changes in the economy could affect the settlement, funds could be poorly managed, all money isn't available immediately.
A tax charges the same percentage regardless of other factors?
A flat tax system. A Proportional tax system is one that takes more as you earn more.
What are the pros and cons of the Office Depot tax software?
Office Depot Lets You Help The Environment & Earn Rewards Qualified purchases exclude any taxes, fees, discounts, etc. Office Depot Recycling Program with other office supply store programs, I've compiled a pros and cons list.
Where can I go to find out if the 401k calculator tax is a good calculator?
One website where you can find some of the pros and cons for the 401k calculator tax is: http://www.401kplanning.org/calculators-tools/401k-savings-calculator/
Pros and cons of trade barriers?
Good things about trade barriers are that they provide tax money and they can help keep countries safe. A con is that they can hurt countriesÕ economies.
