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Tax Alternatives: The Negative Income Tax
By Richard A. Chapo
Nothing gets people more riled up than a discussion of taxes, but what alternatives are there to the current system? The negative income tax is one such possibility.
Tax Alternatives: The Negative Income Tax
The current tax system in the United States is an unmitigated disaster. Nobody really denies this fact, one of the few issues that seem to unite republicans and democrats in our country. The tax code is so big, nobody has a grasp of it and that includes the IRS. While you and I may groan once a year when it is time to file our personal tax returns, larger corporations don’t have it much better. One well known corporation reported that they file the equivalent of one tax document with the IRS every 3 minutes! While the may or may not pay their share, the pure burden of filing taxes for them and us is crazy.
Given the nature of the mess, one would think we would do something. The age old question, however, has been what functional alternative
Our articles continue...
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is there to the current mess? One proposal that has been around for some time is the negative income tax method. The negative income tax was originally proposed in the 1960s by Milton Friedman, a fairly famous economist. His idea was not to just address the collection of taxes, but to create a system that would do away with welfare, food stamps and all types of government entitlement programs. The basic idea at the core of the negative income tax rate system was a flat tax with a twist. The twist gets a bit complicated, but it involves tax deductions and negative income. A flat tax rate of say twenty five percent would be established on all income earned. You would then be able to take certain deductions against the tax for things like dependents [kids]. If your deductions totaled more than the total income you earned during the year, the government would then owe you all the taxes you paid in during the year and a percentage of your “negative income”. At this point, an example will probably help. To make things simple, let’s assume we have a family of five with total earnings being $30,000. Further assume the total deductions that can be claimed equate to $40,000. The head of household has negative $10,000 under our system. The government would then owe the family all the money they paid in during the year in taxes from paychecks and a percentage of the $10,000 of negative income. Not bad, eh? The negative income tax rate approach never really caught on with advocates. The system is ripe for attack because taxpayers have a major temptation to tweak their financial numbers to show negative income. Frankly, the criticisms were probably justified, but that should not distract us from the idea that the current tax mess can be dealt with. There is an answer to the mess, but it will require thinking outside of the box as Milton Friedman tried to do. Article Source: http://www.Article-Warehouse.com Richard A. Chapo is with BusinessTaxRecovery.com - providing free tax articles.
Here are some more estate planning articles...
Fayetteville--springdale--rogers--ar-real-estate-market
By Ben-Hirsh
In recent years, the Fayetteville, Springdale, Rogers real estate market has been very active. This is perhaps due in part to the location of the headquarters for one of the largest companies in the Read more...
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Real Estate Records In The Computer Age
By Mark Walters, Mon Jan 2nd
It wasn't long ago that the records of real property title couldbe found in a collection of huge, thousand page books residingin the office of the county recorder. Now those same records areall Read more...
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Make Your Accountant Your Best Friend
By Richard A. Chapo
Many people just assume their accountant will cut their taxes as much as possible. To get the biggest benefit from them, you need to be a bit more proactive. Make Your Accountant Your Best Read more...
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Collective Of Concepts To Better Understand Your Project
By S. Maurer, Sat Dec 10th
Collective of Concepts to Better Understand your ProjectManagement [0727]Publishing Guidelines: You may publish my article in yournewsletter, on your website or in your print Read more...
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<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><STRONG>Wi-Fi around Chicago..</STRONG></FONT></P>
<P><FONT face=Verdana,Geneva,Arial,Helvetica,Sans-Serif><FONT size=2>The Daley Center between Clark and Dearborn is now (as of September 2003) a wi-fi hot zone. I have not personally connected there, but the word is </FONT><FONT size=2>that the signal around Daley Plaza and Block 37 is strong. Click <A href="http://www.xchicago.com/main/article.php?articleID=413">here</A> for more information. </FONT></FONT></P>
<P><FONT size=2>If you are outside of downtown Chicago,the UPS stores (formerly Mailbox Etc.) will have wi-fi access (for a fee) in mid-September as will many McDonalds (for a fee). <A href="http://www.computerworld.com/mobiletopics/mobile/story/0,10801,80914,00.html">UPS story</A></FONT></P>
<P><FONT size=2></FONT> </P>
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The process of planning for the orderly administration and disposition of assets after the owner dies.
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