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View Diary: Want to Reduce the Deficit? Start by Funding the IRS (81 comments)

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  •  I completely disagree... (0+ / 0-)

    The more complex you make something, the easier it is to cheat.

    You say:

    "Huge sections of the code define income and attempt to force current recognition of assets over which there's some sort of constructive receipt or effective control). "

    I simply state that all income is subject to taxes, period.  If you get it from work, interest, the lottery, dividends, inheritence, etc...

    Which is easier to game?

    In twenty years of writing ISO standards and standard operating procedures for companies, the secret is to understand what is critical and what is not and say it as clearly as possible with as few words as absolutely needed. (unlike my typical post).

    It is hard to find a loophole in a straight piece of string.

    "Perhaps the sentiments contained in the following pages, are not YET sufficiently fashionable to procure them general favour..."

    by Buckeye Nut Schell on Thu Jan 31, 2013 at 08:33:11 AM PST

    [ Parent ]

    •  Sounds great. (2+ / 0-)
      Recommended by:
      RFK Lives, Roger Fox

      So I'll have a client set up an offshore corporation or mutual fund that invests and makes no distributions, and since he won't receive any income from that entity, he won't have income.  

      And that makes it easy for guys like Mitt to cut down their tax bills: the management fee would just be paid to some intermediary entity, and all their fees grow tax-deferred.  

      •  Touche... (1+ / 0-)
        Recommended by:
        TexDem

        You make a good point, I did not account for it and it would have to be considered.

        However, simplifying the code to extremely basic rather than complicated rules does make it more difficult to get around.

        There are 4,563 words in the US constitution and 5.6 million in the US tax code and associated regulations.  

        One of these has regulated one of the largest and most power governments in the history of the world for over two centuries with very few revisions.  

        The other is changed yearly, is completely riddled with loopholes and injustices and has lead to frequent inequalities in the distribution of wealth.

        Imagine how simple and easy to follow the bible would have been if it simply stated two rules; "Treat others as you would like to be treated" and "Love one another as I have loved you."  

        Simple is always better (as long as all contingencies are accounted for).

        "Perhaps the sentiments contained in the following pages, are not YET sufficiently fashionable to procure them general favour..."

        by Buckeye Nut Schell on Thu Jan 31, 2013 at 11:04:42 AM PST

        [ Parent ]

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