Obama’s IRS doled out more than $24 billion in potentially bogus refunds

In retrospect that's really not too bad. When you consider how much time it takes to scrutinize conservative groups applying for tax exempt status, who has time to look for tax fraud?

It's easy to understand how busy they were.

Seriously it takes a real lot of time to be that big of jerks. Never mind that $24 Billion in potentially bogus refunds of tax payers dollars just danced out the door, it was far more important to make sure certain conservative groups never got the tax exempt status they were entitled to under law. Trump needs to fire Sessions and get some one who will re-examine Fast & Furious, the IRS Targeting and Hillary's server as well as connections to the Ukraine meddling in our elections.

 

Return of stolen funds is always a moment to celebrate, no matter the occasion.

 

Time for a flat tax. No more deductions or tax refunds.

 

What stolen funds were returned?

 

You don't have to have flat taxes, to eliminate deductions. Just sayin...

I'm all for removing EVERY deduction, and making them illegal going forward. Deductions are literally the currency of corruption in Washington. Every single deduction, that is not poverty based, is immoral.

 

I want to get rid of credits and defered interest also.

 

Yep. Get rid of all of it, except allowances obviously.

 

I think its wrong to assume this is an accident.....

Call the fbi

 

Nope. Get rid of those too.


You make 100k, you pay 20k in taxes.

 

I don't think you understand what an allowance is. If you remove those, you are effectively taxing gross revenue instead of profit. That would eliminate entire industries who spend more on overhead than they make in profit. Just sayin...

 

I'm only speaking of personal income taxes. Corporate and business taxes are a lot more complicated.

 

Either way, you have to keep allowances, as they are by definition revenue spent to create the profit or income that is taxed. Deductions are specific to certain behaviors or statuses, that are in no way related to the bottom line. Deductions are a give away; allowances are a pre-profit, pre-income expense. You can't logically tax a cab driver on the cab. That is my point.

 

Didn't I just say I was speaking about personal income taxes and not business taxes?

 

Owner operator small businesses, who operate via an LLC, pay personal income tax, not corporate tax. My tiny LLC business is called a "disregarded entity" by the IRS, for example. All the taxes pass through the business to me, at my personal income tax rate, and all my expenses pass through me to the business. In my case, my allowances are not so great that the would make my business nonviable. But in many small businesses, such as farmers, truck drivers, dry cleaners, etc., this would make the operation unworkable, due to being taxed on gross revenue that includes high overhead costs.

You can't logically get rid of allowances, for personal or business taxes. Just sayin...

But, I am all for eliminating EVERY single deduction in both the corporate and personal income tax codes. These are monetary participation ribbons given as some sort of moral judgement, that the government has NO business engaging in.

The one that I find the most offensive, is the mortgage interest deduction for home owners. Effectively, this deduction takes money from people who can't afford a house, who live in a rental property, and gives that money to wealthier people, who can afford to buy a home. In addition, the person that owns the property they are renting, ALSO gets to deduct the mortgage interest on HIS taxes, even though said mortgage is effectively paid by the renter. Since the overwhelming majority of all residential real estate has a loan on it, this means basically everyone gets this deduction, EXCEPT people too poor to afford to buy a home. The final insult is that this deduction hugely incentivizes borrowing from banks.

So we do this thing, that taxes poor people, gives the money to people less needy, helps banks, and encourages behavior that is of questionable merit to begin with (borrowing huge sums of money). This thing became a thing via banks lobbying our leaders. I can't think of a better example to do away with ALL deductions.

 

Oh that darned income tax credit rears its ugly head yet again. I despise that thing more than any other law in existence. It is a big old fat drug dealer subsidy. No more, no less.

 

Expecting to do jack **** with your life then freeload off your neighbors is immoral

 

and progressive rates.
In fact, do away with direct taxation

 

no the mortgage deduction is instrumental to alm9st all home owners. it is completely. to assume the deduction is the only reason people cam offord

 

Or just incorporate and keep your personal and corporate finances separate.

 

If almost everyone gets a deduction, effectively that is a tax on people who don't get it. This is a poor tax. We would be better served by just lowering tax rates a similar amount, so that the poor did not have to subsidize the wealthy.

 

No mortgage deductions either. A flat tax with nothing added or taken away. Not even your state income taxes.

 

FairTAX <-- the answer.

 

So, instead of paying personal income tax on my income, you want me to pay US corporate tax, nearly the highest in the world, then also pay capital gains tax on the remainder? No thanks. I don't think I want you to be my accountant LOL.

Also, LLCs are corporations, the taxes just pass through instead of being paid at the corporate level. I still get the corporate shield from personal liability. This method of incorporation is only allowed for small businesses, for this very reason. But, we are really getting in the weeds now, and off topic.

We can agree that deductions are bullshit arranged by lobbyists.

 

I disagree on progressive rates. Remember, everyone pays the same rate as they move through the brackets each year. We all pay the same tax on the first dollar, and the fifteen thousandth dollar, for example. We aren't actually taking a higher amount on all of the income of more wealthy people, just the part that makes them more wealthy.

That said, I would lower ALL the rates, even though I would keep them progressive. I rather like the Trump proposed plan.

 

Thanks for that commentary. What on earth does it have to do with my quote?