Sunday, October 28, 2007

Taxpayer's Choice Act

Here's Tax Reform that we need:


It would establish a radically simplified, flatter tax for an estimated 90 percent to 95 percent of all income tax filers.

Those taxpayers presumably would accept this offer: give up all your current deductions, and your annual earnings up to $100,000 would be taxed at 10 percent, with a 25 percent rate on everything above that. But that is not all. The bill would repeal the hated Alternative Minimum Tax (AMT), giving up $840 billion in revenue over the next 10 years. Government would have to get leaner.
... Under the plan, taxpayers could either continue under the present tax code or accept the simpler system. In place of deductions and credits, every taxpayer would get a generous standard exemption ($39,000 for a family of four). Nearly everybody presumably would take this opportunity to escape the scrutiny and invasiveness of the Internal Revenue Service.

Urge your local Congresscritter and the Presidential candidates to sign up for this vast improvement on the income tax.

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