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<blockquote data-quote="mountaingoat" data-source="post: 505807" data-attributes="member: 1250"><p>The IRS cannot get rid of the payroll tax because if they did, they would have to change the tax system. Think about it. They take a little bit out of your paycheck each pay period, and then give you some back at the end of the year. Imagine if they didn't take the money out, you would be faced with your ENTIRE tax bill at the end of the year. Seeing that much money go out of your hands in one action would cause people to think "what is the government actually doing with my money?" Besides, how many people would have already spent it by that time and would not have the money to pay for their tax bill? Second, we complete a tax form that is just numbers, and lots of taxpayers receive a refund check so it looks like they "get money back" from the government. Well, it was their money to begin with, but that $1500 or $2000 that they get back floods their vision that it was overpaid to being with, and that they really paid the IRS $12000 to get back $2000.</p><p></p><p>I am 100% in favor of the fair tax (or a consumption based tax system). I think that we will eventually see this come into play, but more in combination with the income tax than as a replacement. The government is not going to get rid of the income tax code because there are too many accounting jobs at stake - with a completely simple tax system, how many accounting firms doing 1040 forms would be put out of work? The IRS would not need probably 90% of its jobs. H&R Block would be a thing of the past. TurboTax's business model would evoporate. There is too much industry, jobs, and economy surrounding the tax structure in this country. I don't believe any politician wants to touch that consituentcy.</p></blockquote><p></p>
[QUOTE="mountaingoat, post: 505807, member: 1250"] The IRS cannot get rid of the payroll tax because if they did, they would have to change the tax system. Think about it. They take a little bit out of your paycheck each pay period, and then give you some back at the end of the year. Imagine if they didn't take the money out, you would be faced with your ENTIRE tax bill at the end of the year. Seeing that much money go out of your hands in one action would cause people to think "what is the government actually doing with my money?" Besides, how many people would have already spent it by that time and would not have the money to pay for their tax bill? Second, we complete a tax form that is just numbers, and lots of taxpayers receive a refund check so it looks like they "get money back" from the government. Well, it was their money to begin with, but that $1500 or $2000 that they get back floods their vision that it was overpaid to being with, and that they really paid the IRS $12000 to get back $2000. I am 100% in favor of the fair tax (or a consumption based tax system). I think that we will eventually see this come into play, but more in combination with the income tax than as a replacement. The government is not going to get rid of the income tax code because there are too many accounting jobs at stake - with a completely simple tax system, how many accounting firms doing 1040 forms would be put out of work? The IRS would not need probably 90% of its jobs. H&R Block would be a thing of the past. TurboTax's business model would evoporate. There is too much industry, jobs, and economy surrounding the tax structure in this country. I don't believe any politician wants to touch that consituentcy. [/QUOTE]
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