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May 19, 2009

TAX THOUGHTS

April 15th came & went without any comment from me. Not because I don't feel strongly about taxes, mind you. Rather, I had other things to do.

So here is a collection of tax thoughts, one month late:

Here's how I define tax fairness: everybody pays something, so that everybody has a stake in keeping taxes low. Ari Fleisher does a nice job of making this case.

This is also why I'm opposed to mandatory payroll withholding. Most of the hourly shop guys that work for me are under the impression that it is our company that deducts and holds the SS and Fed and State taxes, even though we explain it to them every year that not only does the company not keep that money, we have to add money (the employer half of SS) and deposit it immediately, even though the employees don't actually have to pay it until the 15th of April the following year.

I believe that instead of mandatory withholding the way it is now, a certain percentage of every check should be deposited into a portable, federally guaranteed, interest bearing savings account, against which taxes, insurance premiums, retirement account contributions, and medical expenses are withdrawn. Then every worker knows exactly how much they actually got paid, and can see clearly where the money went. Any money not spent belongs to the worker. No tax returns to file, no deductions to manage, no loopholes, total visibility.

And the withdrawal for taxes should list the name of the elected officials responsible. For example, the Federal income tax withdrawal should read: WITHDRAWAL: OBAMA, PELOSI, REID, FEINSTEIN, BOXER FEDERAL GOVERNMENT PROGRAMS.


From KC Jones, some videos of a taxing nature:

Spend or Save?


Your Privilege to pay taxes


I used Turbo Tax

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