Currently we have over 77,000 pages of Tax Code for which we are all responsible to follow. Often, one section contradicts another, some people or organizations receive benefits that others do not, citizens are sent to jail or have their lives or businesses destroyed while others receive little or no punishment for the same infraction.
Message Posted: May 20, 2013 10:38:29 AM
With the 'Affordable Care Act' expanding the current Tax Code to over 80,000 pages and giving the IRS EVEN MORE POWERS , isn't it time we specifically identify the flaws of the current system to help develope a better, less complex, and fair method of raising revenue to operate our government efficiently?
As an example, that show one organization which did things correctly will be paying taxes on its profits while another organization which made mistake after mistake will not.
From yesterday's (5/19/13) 'Motley Fool' on Yahoo, " the only true loan GM received from the U.S. government was for $6.7 billion at 7% interest, which it has since repaid. The majority of the nearly $50 billion was in stock purchases by the U.S. Treasury at a price that GM didn't lose money when recently rebuying shares.
Also consider that GM was "gifted" tax losses from the "Old GM" corporation in amounts of $45 billion. What that really means is the "New GM" can write off current profits up to that amount and not pay taxes on it. That's a complete joke, in my opinion.
Think of it like this: GM took our tax dollars to save its company, and then after turning 13 quarters of profit, it still isn't paying a single income-tax dollar. Are you kidding me? News flash: My recent taxes cost me and my wallet a bundle, and I didn't turn billions in profit.
Too often, people assume that since GM received nearly $50 billion in taxpayer funding, and when people hear that GM has fully repaid its obligations, we assume that means it repaid the said $50 billion. That couldn't be further from the truth. GM has merely paid its initial pure loan of $6.7 billion with interest, and rebought some of its own shares from the Treasury -- often at a cheaper price. Most of us taxpayers don't even realize Ford paid an effective tax rate of 26% in 2012, compared with 0% for GM -- a complete joke to Ford, which didn't take any of our taxpayer dollars."
Again, with the 'Affordable Care Act' expanding the current Tax Code to over 80,000 pages and giving the IRS EVEN MORE POWERS , isn't it time we specifically identify the flaws of the current system to help develope a better, less complex, and fair method of raising revenue to operate our government efficiently?
[Edited by: MahopacJack at 5/20/2013 10:40:15 AM EST]