Todd's Tax Service LLC
Every Taxpayer's Dream - a Flat Tax.
This most recent political cycle missed a once in a generation opportunity to discard the old tax code and replace it with a much simpler system.
If you look at the way social security and medicare taxes (FICA) are calculated, one might extend this type of a simple system to the income tax. FICA is calculated as a flat percentage of wages and deducted by the employer.
There are no deductions taken against wages when calculating the FICA tax.
A "FLAT" tax would probably look something like this social security tax system, which everyone pays into.
All deductions and credits would go away.
All the special interest groups would be eliminated which include the following:
Parents (no more benefit for having children). Why should single people with no children pay more taxes than a married couple with 7 children?
Health Insurance Companies (no more health insurance since the "FLAT TAX" would be high enough to provide medicare for all.)
Students (no more tuition credits or deductions for student loan interest).
Low Income Households (No more earned income credit.)
Financial Services Companies (No more complicated retirement plans with fees and rulebooks.)
The list goes on...and the list should include tax preparers who would presumably no longer be needed. (We could all be retrained to do meaningful work like driving school buses or picking up trash.)