there's been lots of talk about the bush administration radically overhauling federal taxation lately. flat taxes, national sales tax and other ideas have been thrown around as real possibilities for bush to spend his "political capital" on since the election.
now it looks like they've quietly been going ahead with this in a big way. my friend rodney works at IRS headquarters in DC, and he tells me immediately after the election they started work implementing a new tax form, which you will see in your mailbox this january.
he even sent me a copy which i have reproduced here after the break:
1. WORK INCOME. Enter all work-related income (wages, tips, small business revenue, etc.) |
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2. CAPITAL INCOME. Enter all income from interest, dividends, capital gains, hedge funds, etc. |
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3. TAXES OWED. If line 1 is greater than line 2, subtract line 2 from line 1 and enter difference here. Submit payment for this amount. |
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4. TAX REFUND. If line 2 is greater than line 1, subtract line 1 from line 2 and enter difference here. This is your refund. |
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Form MT25:29