By in Politics

Trump Wants To Change Tax Code

Republican presidential candidate, Donald Trump, has recently stated in a speech that he wants to help individual American taxpayers by simplifying the tax code that people must abide by when filling out tax returns each year. He went on to say that he intends to put H & R Block, the well-known tax preparer firm, out of business.

As far as I know the only other presidential candidate who mentioned anything about changing the tax code for individuals was Senator Rand Paul. Why don't the other candidates address this issue? Because they are bought off big tax accountant firms. Imagine only having to fill out a simple one page tax form in the future. I would not shed a tear to see H & R Block and other tax accounting firms go out of business.


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Comments

morilla wrote on September 3, 2015, 5:39 AM

Ben Carson has, in the past, proposed a flat tax, which eliminates the need for "the System." Carly Fiorina has said the tax system is in desperate need of reform. Now, Jeb Bush hasn't talked much about it; but, Mike Huckabee has said our tax system is broken and has suggested what he calls a 'fair tax.' I could keep going down the list; however, the point is there. In short, the Republican candidates HAVE been talking about it.

Insofar as the Democrats, Sanders wants to raise taxes on the quote/unquote 'wealthy.' Hillary Clinton hasn't said much of anything in the campaign to this point; but, in the past, she's said she'd let the rates for the wealthy return to 1990's levels, raise the capital gains tax, etc. In other words, if you're lumping ALL the candidates together, both Democrat and Republican, substantially more than just Trump and Paul have been talking about reforming the tax system. If you're talking about Republicans, considerably more than Trump and Paul have been talking about it. If you're talking about Democrats, they haven't been and, instead, are talking about raising taxes.

So, if you're looking forward to a simpler tax system, you have a number of choices among Republicans and none among the Democrats thus far.

Last Edited: September 3, 2015, 5:48 AM

FourWalls wrote on September 3, 2015, 8:20 AM

I'm all for it. I remember one candidate back in the 80's saying we should be able to file our taxes on a post card instead of this mess we have.

It could be something as simple as paying nothing on the first $25,000, 10% on everything after 25,000. By simple math everyone "rich" pays more (10% of $10,000 is $1,000; 10% of $10,000,000 is a million dollars) and there are no deductions to take (or lie about). You make $40,000, lob off the $25,000 you don't pay on, leaving $15,000. Ten percent is $1,500, that's it, have a nice day. Your taxes are done in 25 seconds instead of 25 hours.

Best of all, 99% of the most hated part of the U.S. government (the IRS) can head to the unemployment line.

JohnRoberts wrote on September 3, 2015, 9:37 AM

The one bad consequence if H&R and that industry were put out of business is more jobs lost and elimination of an accounting profession. Yes, you may hate them but you can do your own taxes. I have all my life.

JohnRoberts wrote on September 3, 2015, 9:40 AM

Well said. I have heard some of those comments. I am unsure of flat tax which I think could rebound on the ordinary Joe. Good Old Bernie wants to tax the rich which is cheered by the downtrodden who don't realize toady it is tax millionaires and tomorrow the term wealthy is redefined as anyone with more than 2 cents in the name of wealth redistribution.

LeaPea2417 wrote on September 3, 2015, 10:55 AM

That is a good idea Trump has. And another good thing to do would be to have a Flat Tax.

BarbRad wrote on September 4, 2015, 9:59 PM

I have used tax software to do our taxes since it was invented. What I hate more than the actual doing of the taxes each year is having to keep all the documentation of expenses for at least seven years. For us that is two huge folders a year, since we've had, up until now, two businesses. At least it should get easier now that we have five less rental units to keep track of and the retail part of my business. The tax code should be simple and fair enough so that anyone can understand it and do their own taxes. Yet even people who work for the IRS don't always agree on what it says, and lawyers specialize in tax law. I'm not sure now a flat tax or fair tax would work, but I'm afraid any system will be abused by those who want to keep feeding the government monster. A 10% tax will soon stop being enough for them and who knows what they think will be enough.