It’s the beginning of the year and we all know what that means-tax season.
My sweet grandmother was an accountant and she would always affectionately announce this time of the year by saying,
“It’s fucking tax season.”
Sweet Beverly could swear like a sailor.
Anyway, the reason I bring this up is not to bum everyone out, but because I received my Yoder Newsletter in my email and it contained this sweet, sweet gem,
Fair Tax Legislation Introduced in House
Not only is our current tax code a constant drain on our economy, but it is also fundamentally unfair. This year alone, over half of all Americans – and many businesses – will pay no income tax due to the numerous corporate loopholes existing in the current system. Furthermore, the President is set to announce a new proposal that would bring billions of dollars in tax increases in the name of social policy.
I believe the best approach is to scrap this fatally flawed system in favor of a flatter and fairer system. That is why I am proud to cosponsor Representative Rob Woodall’s (R-GA) proposal to do just that, and install the Fair Tax in its place.
The Fair Tax Act, HR 25, repeals the income, employment, and estate and gift taxes and establishes a nationwide sales tax. To ensure that each family can consume tax free at or beyond the poverty level, it provides for a universal “prebate.” It also abolishes the Internal Revenue Service (IRS) and entrusts the states with collection of the tax.
As we’ve seen with the targeting of conservative groups for their political beliefs, this Administration’s IRS is out of control. This proposal gives Americans of all stripes the ability to control their own tax burden by choosing how much to consume, thereby eliminating the need for an IRS altogether. I see no better way to get the government out of our lives and our pocketbooks than this proposal, and that is why I urge the House of Representatives to take it up for passage as soon as possible.
It was so weird. When I read the part about abolishing the IRS, confetti and balloons fell from my ceiling and a New Orleans jazz band marched into my house. I’ve spent hours cleaning up the mess.
So let me get this straight, instead of fixing loopholes and getting corporations to pay their fair share, you are just going to scrap the whole damn department? It’s like the kid in kickball who didn’t like the score so he took his ball home.
I looovvveee this idea!!! I just got an announcement from Turbo Tax that it’s time to log in and get stated on my returns. It’s so odd, every time I open my Turbo Tax email a sad trombone plays behind me. One request, could you speed this bad boy up so I don’t have to do my returns this year?
In this whole scenario of abolishing the IRS, I would love to be a box manufacturer . Why? Because they will need to hand out 95,000 boxes to people so they can clean out their desks after losing their jobs. That’s how many people work for the IRS. That number doesn’t include American businesses that make their profit from filling tax returns. We are talking small businesses like my grandmother’s tax business to large corporations like KC based H&R Block. Instead of taking steps like simplifying the existing tax code or regulating how many organizations file for tax exempt status, let’s just trash the whole dang thing! Grab your paper shredders people – it’s a party!
Finally, the bill entrusts the states with collecting taxes. Psst….just between you and me. We are both from KS and I think you and I both know how our state is doing collecting taxes these days. I’m just a blogger and not a smart politician like you, but do you think that’s a good idea? I’ll just trust your judgement on that one.
Here are the top 3 things that I know about this bill:
1. Voters will be thrilled that you want to stick it to the IRS.
2. You and I both know it’s never going to actually happen.
3. You are working very hard to recover from your PR mess when you gave big banks a pass with the spending bill.
Well played Congressman.
Learn more interesting facts about the IRS here: http://www.fool.com/investing/general/2014/02/08/10-incredible-facts-you-probably-didnt-know-about.aspx