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I filed mine months ago, and got a whopping refund, because of overwithholding. I was scared because of many changes with student at home, then not at home, etc.
I hope we can rekindle the SCRAP THE TAX CODE debate and replace it with a simple one.
Why don't all the "flat" people join hands:
Flat tax without threshold
Flat tax with threshold
Fair tax (VAT or sales tax)
999 tax (combination)
Any one of these is far better than what we have; is it 70,000 pages of tax code?
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I'm happy I got a refund again, but I would also be happy if I never had to deal with doing taxes again.
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Tax Freedom Day has yet to arrive.
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When you're self-employed you pay:
1) (April 15th) Any remaining taxes due for the current tax year.
2) (April 15th) 25% of your estimated taxes for the coming (2015) tax year.
3) (June 15th) Another 25% of your estimated taxes for the coming tax year.
Ain't working for yourself fun?
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DP wrote:
[quote=mikebw]
I'm happy I got a refund again, but I would also be happy if I never had to deal with doing taxes again.
Unfortunately you got a refund because the Government took too much money from you and used it without paying you interest for using it.
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Yes.
Flat tax!
33.3% of all regular income and 50% of dividends and capital gains!
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Now if we can get the states to go along. And what about payroll taxes?
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Flat tax is a terrible answer. The progressive tax system is the most fair, but the loopholes need to be closed.
Flat tax sounds good, but taking x% from a low wage earner has a much great impact than taking the same amount from a high wage earner. Say it is 20% across the board - the person trying to live on $25,000/yr will feel the impact of losing $5000 much more than someone earning $1 million will feel losing $200,000.
A flat tax would do great damage to the economy, and most economists are vocally against it.
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Flat tax is a great answer. The progressive tax system is grossly unfair. Loopholes, or tax deductions, need to disappear.
Flat tax sounds good because it is good. A teenager earning his first $1000 should learn about taxes, giving, saving, spending, by DOING.
I've just learned about the 9-9-9 plan, and maybe it is a good middle ground.
