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February 02, 2012

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Scott Greene

And speaking about taxation, the current Income Tax system has been falling apart for years!

Even CPA’s and tax preparers do not understand the Income Tax system, as evidenced by the different answers you get to the same questions about how to report various income transactions.

Just look at the enormous amount of tax court cases where people pay money to argue with their government over what is deductible, what is not deductible, what can be carried forward, what can be carried back, what are the facts and circumstances surrounding the income and/or deductions, etc. etc.

If this 75,000 page income tax code was clear and understandable, there would be very little arguments over much of anything!

So instead of people spending their time making money, they end up spending time and money figuring out how to comply with the government’s legal bookkeeping requirements, which change every single year!

So the whole Income Tax system is a horrid mess and actually makes it harder to make money.

And when people make less money, there are less taxes to collect.

So the whole set-up is actually self-defeating.

And for what it is worth, the whole Income Tax system needs to be totally re-done as it is only getting more and more complex and burdensome with each passing year.


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