Taxes - simple plan needed................

[ponto]

Most Kentuckians will be shelling out less for state income taxes this year.

Under the newly created Family Size Tax Credit, a single person could earn up to $9,570 and owe no taxes; a family of four could earn $19,350 and not have to pay.

The tax rate has also been lowered to 5.8 percent for filers who make between $8,000 and $75,000 a year.

But not all the news is good.

Limited liability companies, limited partnerships and S corporations will have to contend with corporate income tax returns for the first time.

All corporations will end up paying some taxes to the state this year.

Under the new rules, all companies will be required to pay the highest amount after calculating the taxes due several different ways, even if the companies took a loss.

The entire income tax code has been rewritten.

[mark]

Most Kentuckians will be shelling out less for state income taxes this year.


The entire income tax code has been rewritten.

................this is true. What we needs is a flat tax or a sales tax & nothing more.

That includes the Federal gov't too...........see ya mark

[ponto]

Maybe we need to let the voters decide, as the gamblers say.............

Anyone who wants a simpler, fairer tax code, can write their congressman, saying that they know the difference between "graduation" and "flat", and that they want a graduated tax system with no exemptions/deductions.

What is really needed is a constitutional amendment eliminating exemptions/deductions permanently.

As for a national sales tax, to make this proposal acceptable, no purchases should be excluded, including securities, real property, and services.

X (http://www.geocities.com/CapitolHill/Lobby/7146/flattax.html)

I couldn't pass up posting this, since my favorite SUV is a Hummer......

Federal tax rules that took effect last month allow owners of small businesses who buy a Hummer, weighing more than 3 tons get a deduction of up to $25,000 —if they use the vehicle exclusively for work.

The benefits don't stop there.

Once they subtract the $25,000 from the cost of their 3-ton SUV, small business owners can deduct the depreciation on the remaining amount.

Someone who bought a $60,000 SUV, for example, can claim the remaining $35,000 over six years

[kdown]

The underground economy ( work for cash ) runs into the billions of dollars a year. These people do not pay income tax, but they do spend money. We need a national sales tax to replace the income tax.

[Chuck]

The underground economy ( work for cash ) runs into the billions of dollars a year. These people do not pay income tax, but they do spend money. We need a national sales tax to replace the income tax.


What percentage do you think would be fair?
Should they keep all other forms of taxation except IRS? ie.. Fuel Tax, Cig Tax.

Most stated have a sales tax and still tax everything you buy through a special purpose tax.

I can only support the idea if:
1. Every other type of taxation would be dropped, not only income tax.
2. The rate did not become a burden,

The last projected rate was 29% and that was in addition to all other taxes currently charged.

29% plus the states 6% would equal 35%
If you bought a $200 TV tax would be $70 in tax, total $270. Tax on a $2000 TV would be $700 the total would be $2700.

The UK has a VAT at a 18% rate. I do not know if they reduced or stopped other forms or taxation. Meaning like their equivalent to state tax, property taxes or other special purpose taxation.

I support with conditions.