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Taxes

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The difference between death and taxes is death doesn't get worse every time Congress meets. -- Will Rogers

We contend that for a nation to try to tax itself into prosperity is like a man standing in a bucket and trying to lift himself up by the handle. -- Winston Churchill

The only difference between a tax man and a taxidermist is that the taxidermist leaves the skin. -- Mark Twain

I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.... -- James Madison

This [preparing my tax return] is too difficult for a mathematician. It takes a philosopher. -- Albert Einstein

The income tax created more criminals than any other single act of government. -- Barry Goldwater

We don't have a trillion-dollar debt because we haven't taxed enough; we have a trillion-dollar debt because we spend too much. -- Ronald Reagan, Address to National Association of Realtors, March 28, 1982

The same prudence which in private life would forbid our paying our own money for unexplained projects, forbids it in the dispensation of the public moneys. -- Thomas Jefferson, 1821

 How some of the “Greats” view Taxes:

 

 

 Some facts about the IRS Tax Code:

 

 

Þ In 1996, taxpayers spent $225 billion trying to comply with the tax code – nearly the size of our national defense. (National Center for Public Analysis)

Þ The complexity of the tax law cost Americans 5.3 billion hours to comply with the Internal Revenue Code. (National Center for Policy Analysis)

Þ Even the IRS does not understand the code – it gave out 8.5 million wrong answers to taxpayers questions seeking assistance in 1993 and 5 million corrections that turned out to be incorrect. (National Center for Policy Analysis)

Þ More than 50% of all personal income goes untaxed because of various deductions, loopholes, exclusions and exemptions. (National Center for Policy Analysis)

Þ Businesses send out more than 1 billion Form 1099s reporting payment of dividends and interest.  Each taxpayer is supposed to be taxed on these payments at that individual’s tax rate.  However, less than 50% of interest income is actually reported on individual tax returns. (National Center for Policy Analysis)

Þ Corporate profits are first taxed (at a rate up to 35%) and then taxed again when they are paid out to the company’s owners, the shareholders (at a rate of up to 39.6%) in the form of dividends.  (thus, the effective tax rate on corporate profits can easily surpass 60%) (National Center for Policy Analysis)

Þ The death tax (originally designed for the richest people in society, but escape it because they can afford expensive accountants, lawyers, estate planners) can take away up to 55% of the business when it comes time to turn the company over to his/her heirs. (American International Automobile Dealers)

Þ The Internal Revenue Service has 480 tax forms and another 280 forms to tell you how to fill them out. (Robert Hall and Alvin Rabushka from Stanford)

Þ The IRS send out 8 billion pages of forms and instructions to more than 100 million taxpayers every year – requiring the chopping down of 293,760 trees. (Robert Hall and Alvin Rabushka from Stanford)

Þ All the IRS regulations and tax court rulings take up to 336 feet of shelf space (the length of a football field). (Robert Hall and Alvin Rabushka from Stanford)

My goal is to eliminate all state taxes (i.e. property taxes, school taxes, death or inheritance taxes, payroll taxes, NYS disability taxes, etc) in lieu of a consumption tax on all new goods and services.  I call this consumption tax the “Gumption Consumption Tax!”  This tax is built upon the “Magical” power of the number three.  The best tax system has three ingredients...that it is equitable, efficient, and economical.

 

 

 My Platform on fixing the NYS Tax System:

 

 

Economical

3 E’s

 Similar to HR Bill 25 in the US House of Representatives (i.e. the Fair Tax Bill), the Gumption Consumption Tax will...

Generate enough revenues to fund the government budget

Undo exemptions, deductions, and loopholes

Motivate people to save and invest

Please all income earners and corporations

Terminate all taxes including the death, gift, and capital gains taxes

Invigorate the economy

Obliterate double and triple taxation

Now tax those not claiming their income

 

 How does the Gumption Consumption Tax work?

Step I — you will not be required to pay anymore New York State taxes (i.e. property taxes, school taxes, inheritance taxes, income taxes, etc) except the Gumption Consumption Tax.

Step II — you only pay tax on NEW (not used) goods and services purchased in New York State (I have the GC tax at 12% to be able to balance the state and county budgets)

Step III — you control 100% of ALL your income and you only give the government tax monies on what you purchase.  This is the constitutional way and the most efficient, equitable, and economical way to collect taxes. 

 Don’t believe this is even possible!  See the links below for more details on similar programs?

To see the federal proposal go to — www.fairtax.org/

To see a state proposal go to — www.mifairtax.org/