President Obama is seriously looking at simplifying the tax code. It's gotten confusing to a point where almost everyone needs help online or from a professional to fill out tax forms. There are so many deductions to both individuals and businesses. On average, a person gets $8,000 in deductions per year. When we have over a trillion dollar deficit, some question whether or not it's wise to be giving back that much money to everybody. It's a difficult decision for the president to make because there'd be so much to do. This would not be an easy task. Not to mention all the people that count on their yearly deductions would be furious to hear that could be coming to an end. Legislatives thought is that if they cut deductions down, then they can lower the overall tax rate while still generating the same amount of revenue.
I'm not exactly sure how I feel about this idea. I know how my parents say things are tax deductible and that's obviously nice for any person. I also see what the government is saying, however. I'm scared to do my taxes for the first time when I'm older because I would have no idea what I was doing. I wouldn't be able to make sense with all the different deductions, and it would be hard to pay somebody when you aren't making that kind of money yet. No matter what they decide to do about the tax code, it needs to be very well thought out.
http://www.msnbc.msn.com/id/41181142/ns/business-tax_tactics/
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment