0
Depends on your goals.
If you want the government social engineering society, then only small changes, the tax system is fine.
If you want a easy to understand system that will give you more money and control over your life, improving businesses, and keep all government services the same...
read a book about The Fair Tax.
If you like the idea of socialism (everyone deserves the exact same amount of money), then increase welfare benefits and taxes specifically on all those that make more than average amounts of money (over 31,000) and have that given to those who make less. == ans == While the question itself is just an esoteric exercise at best, it is clearly argument promoting at worst! Nonetheless I would disagree with the above in its presumptions that the current US tax system is much of an attempt at social engineering society, or that if it were, it is successful and certainly not fine! The fair tax has some good aspects, but as a whole doesn't seem to be much of a change in result, and regardless of the vocalism of its proponents - almost all of which have a totally different definition of what it is - I don't see any of them being really functional as a system. and many books have been written against the Fair tax too. Clearly the last idea is the worst, is actually more of a suggestion on how to SPEND tax revenues than produce them and a failure in many ways. First of all, already @95% of all taxes are paid by the top 3% of income earners...so you can't get close to balancing it out as suggested...no where close. Another problem with its presumptions is that in the current system, almost 40% of the people pay no tax at all already, and in fact, 50% of them get money back in the form of care credits and such. And of course, if as that suggestion says, you would get the same for working or not...then no one would work...and no one would have income..the society would be totally unproductive and no one could have anything ...even the basics...the side not mentioned there is that in a society with that base...what you do (and likely what you think, how you act and what you deserve, etc) are all dictated by the government There is no welfare (giving of others things to the less fortunate)...there is "do as you told" or we're done with you. Start with some good data as is available at the very well regarded, non profit, non biased, non political...etc., etc. at www.taxfoundation.org
Wiki User
∙ 14y ago
Add your answer:
Earn +20 pts
What is a progressive tax system?
a tax system that takes a larger proportion of income from high income people than from low income people
Interest on old taxes?
Will be collected. Penalty may be abated. You had the money, you had the benefit, you will pay the interest you should have made on having it. The amount or percent is set in a schedule that changes every so often. Interest becomes tax and the government has the same power to collect it as it does a tax.
How much money can you make before you need to report it?
If you are earning money then you should report it. The tax system will allow you to make a certain amount before you have to pay tax BUT you should let the system work this out. If you do not declare your income and you do owe tax then they will eventually come after you and fine you for not declaring your earnings.
How does the UK tax system different from the Sierra Leone tax system.?
briefly explain the tax system of Sierra Leone
A recommendation for taxation in the Philippines?
Double taxation is just one of the many issues surrounding the Philippine tax system. Problems with our tax system, however, appear to be more related to collections. According to Benjamin E. Diokno, professor of economics at the University of the Philippines, the biggest contributor to the country's fiscal crisis is the progressive decline in the tax effort and the growing unresponsiveness of the tax system to changes in economic activity. Mr. Diokno describes our present tax system as "low yielding, complicated and inflexible". In his opinion, our tax system needs a major overhaul, not just some minor tinkering. This is from some site. -Alyssa P.
How do you know if there are any income tax changes made for this tax year?
You can find out through an online tax filing system such as TurboTax, or go to a Tax Filing office, such as H and R block, and they will let you know.
What are some recent big changes to income taxes?
The year 2011 has brought many recent changes to the income tax system, many not making Americans so happy. However, tax cuts and new tax alingments should even the playing field.
What if tax law changes mid-year, between scheduled updates, does my office, tax & accounting software get updated ?
It should be set to recieve all updates as they are made available.
What is a progressive tax system?
a tax system that takes a larger proportion of income from high income people than from low income people
Why should you learn about Canada's tax system?
cause its your right
When did the US federal government start charging income tax on its citizens?
The federal income tax was first enacted in 1862 to support the Union's Civil War effort albeit the system was somewhat different than todays. It was eliminated in 1872, revived in 1894. In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The IRS Code and features of the Tax have changes many times betwen then and now.
What changes to tax policy were made during the Depression?
In 1932 under President Hoover, and in 1935 and 1937 under President Roosevelt, tax rates increased and the tax base expanded.
Interest on old taxes?
Will be collected. Penalty may be abated. You had the money, you had the benefit, you will pay the interest you should have made on having it. The amount or percent is set in a schedule that changes every so often. Interest becomes tax and the government has the same power to collect it as it does a tax.
Is there in the US capital gains tax on inherited property?
No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details. No. In the present system, you pay estate tax and you get a step up in basis and the date of death. But if you hold the house or stocks for several years, you should get the house appraised or get a stock quote and you will pay tax on the price change while you own it. Estate tax exemption changes from year to year. Right now it is several million, so if you are inheriting less than several million, it is tax free. Check with IRS for details.
How much money can you make before you need to report it?
If you are earning money then you should report it. The tax system will allow you to make a certain amount before you have to pay tax BUT you should let the system work this out. If you do not declare your income and you do owe tax then they will eventually come after you and fine you for not declaring your earnings.
How did the changes that Augustus made to Roman tax system reduce government corruption?
Prior to Julius Caesar, tax collection was tendered to private tax collectors who practiced tax farming. They lined their pockets through extortion. Caesar restored an older system of getting the cities to collect the taxes themselves. Augustus, instead created a paid professional tax-collecting imperial bureaucracy under his direct control. This decreased corruption in tax collecting.
How does the UK tax system different from the Sierra Leone tax system?
briefly explain the tax system of Sierra Leone
