This edition of Sounding Off will be about the current state of the tax system. After reading, feel free to take any stabs at me that you want. I encourage it.
I am of the opinion that the federal income tax system is broken. True, because of my current financial situation I always get what I put in back, plus some and I suppose that's a good thing. However, I still think the system is broken.
I am in favor of one of two option to reform, rebuild, re whatever you want to call it with the federal tax system.
First, I would approve of a federal sales tax to replace the income tax. I would agree to a sales tax on everything but un-prepared food, that is, food at a grocery store. I would support raising the tax on items such as tobacco and alcohol in tandem with this.
If that was not an option and we had to remain with an income tax of some sort, I would have to say the best course of action is a flat rate tax. That is, everybody (EVERYBODY) pays their fair share. Everybody pays the same percentage. That would seem fair to me. For instance, if you only made a dollar, you only pay in a dime (if the rate was 10% for example). If you made 1 million dollars, you would pay in $100,000. That might seem a little extreme but I think everyone should pay their fair share, even the billionaires. And I don't think by doing this we are "punishing" the wealthy. The way I look at it, the wealthy are always going to be the wealthy and the dirt poor and always going to be the dirt poor.
Those are the two best options I can see for reforming the current tax system.