Comments on: Financial Wake-Up Call 3-10-2007 http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/ Bridging the gap between saving money and investing Fri, 09 Jan 2009 13:35:51 +0000 http://wordpress.org/?v=2.6.1 By: Morfydd http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-27048 Morfydd Mon, 12 Mar 2007 17:49:19 +0000 http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-27048 Um, have these people never filled out a 1040-EZ? It's functionally the "postcard" people burble about. The only difference is that you look up the amount of tax owed in a table instead of doing multiplication. There are two reasons why people don't do the EZ form: 1) They can't - they have non-trivial non-wage income. This wouldn't fly on the "postcard" either. 2) They don't want to - they want to claim deductions. Go ahead - try to take away people's homeowner deductions. Or better yet, Child credit. Sorry, the flat tax (aside from the smack it would be to the poor) really annoys me. Figuring the tax rate from a known income level is trivial. It's figuring out what that imcome level *is* that's hard. Um, have these people never filled out a 1040-EZ? It’s functionally the “postcard” people burble about. The only difference is that you look up the amount of tax owed in a table instead of doing multiplication.

There are two reasons why people don’t do the EZ form:

1) They can’t - they have non-trivial non-wage income. This wouldn’t fly on the “postcard” either.

2) They don’t want to - they want to claim deductions. Go ahead - try to take away people’s homeowner deductions. Or better yet, Child credit.

Sorry, the flat tax (aside from the smack it would be to the poor) really annoys me. Figuring the tax rate from a known income level is trivial. It’s figuring out what that imcome level *is* that’s hard.

]]> By: Dave http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-26872 Dave Sun, 11 Mar 2007 19:32:37 +0000 http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-26872 The wealthy in society should pay more taxes because they have more to protect. They have a higher stake in society than those who are less wealthy. The tax system should encourage those without wealth to gain wealth and move into the higher tax paying brackets. The wealthy in society should pay more taxes because they have more to protect. They have a higher stake in society than those who are less wealthy. The tax system should encourage those without wealth to gain wealth and move into the higher tax paying brackets.

]]> By: Steve http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-26801 Steve Sun, 11 Mar 2007 11:04:45 +0000 http://www.pfadvice.com/2007/03/10/financial-wake-up-call-3-10-2007/#comment-26801 I imagine it would be the exact same scenario in Australia as well. I imagine it would be the exact same scenario in Australia as well.

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