Monday, February 20, 2012

Taxes! Argh!

I just electronically submitted my federal and state taxes. Double Argh!
Now I do use tax software to help me through the arduous task of filing my taxes, but I still find it to be a major nightmare. Ok, I don't have issues with paying taxes. The amount, yes, but the fact I need to pay isn't the issue, it's the utter complexity of trying to pay one's just taxes.
Every year I wonder am I going to get it right, even with the tax software? Did I get all the forms back, did I get all my deductions correct, etc. etc.?!?!? I want to do the right thing by paying my just amount but the complexities are just so extreme!
Can't we do it simpler?
How about something very easy?
How about take your income, subtract $25,000 and then multiply by 20%?
No deductions, no wondering if missing anything!
I don't know if 20% would be a good figure, but it is something to start with.
So if you make $25,000 you would pay $0 taxes.
$50,000 would pay $5,000.
$200,000 would pay $35,000.

Do we really need to have such overwhelming complexity just to do the right thing by paying our justly due taxes?

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