2 weeks Ago
How about a fair and simple tax system? Presidential candidates garner votes by promising the public what they will do if elected. Often their promises include changes to our tax code that would benefit their supporters and this year campaigns are no exception. Harris promises to repeal Trump’s 2018 tax program, tax unrealized capital gains, cut taxes on the middle class but raise them on corporations and the wealthy, who she says do not pay their never defined fair share.
Trump promises to make his 2018 tax program permanent, then further reduce individual and corporate tax rates, increase the property tax exemption, eliminate taxes on tips, overtime work, social security benefits and on income for those working overseas. One thing for sure, if adopted most of these promises would further complicate our already onerous tax code. A tax code that is already so complex that the Biden Administration is now doubling the size of the IRS by hiring 80,000 more agents to enforce their rules and audit more returns.
I believe taxes were established to raise the revenue needed to support the government that voters want. If that is true, then the question is, how do we stop the abuses of our tax system? An answer is simplification. Eliminate any way that our elected representatives can provide special treatment and favoritism.
The surest simplification would be to change our existing income tax system to a flat rate system like we currently use for state sales taxes, Medicare, and Social Security. Under such a system filing a tax return would not be required by people who only have sources of income that are already reported to the IRS. Include in the flat tax legislation the requirement that any rate increase must be approved by a Congressional supermajority and subsequent presidential approval, and I think the public would finally have a system that is fair, simple, and one that could not be used for political purposes.
Just my thoughts, so what do you think? JEFF MANNING, Lewiston.
