Tuesday, February 3, 2009

Obama Having Taxing Days

So today makes two more Obama Nominees who have to fall on their sword because of their failure to comply with the tax code. Could this be a sign that the tax code is too difficult to comply with or merely am easy way for Democrats to take their own tax cuts. To be fair, plenty of Republicans bit the dust during the Bush years because of tax entanglements, however, that does not excuse the Democrats who accepted President Obama's nomination when they knew full well where their skeletons were buried.

Any nominees by the Obama Administration from this point forward should have to meet with a Tax Accounting Firm with all of their tax documentation from the last decade before they are announced as nominees. After all of the vetting is completed and the positions filled then it is time for someone in the Obama Administration to be given the task of simplifying the Tax system without being influenced by outside forces.

This is not a complex issue, it is only made complex by the Corporations seeking shelters and the politicians seeking donations. It is very simple. Every American should have the unalienable right to earn enough income to take care of their basic living needs. Set a number. $50,000 per person is reasonable at this juncture. The first $50,000 of any income should be unencumbered by taxes, and this number should be raised in conjunction with the cost of living index on an annual basis. After the first $50,000 then it is a matter of setting a two or three tier tax rate schedule for income above the basic necessities. A reasonable rate would start at 10% of income earned between $50,000 and $1 Million, then 20% of any income from $1 Million to $5 Million, and a 30% rate for all income above $5 Million in a year. There should be no deductions, no deferments and the same rate applies to all, People, Businesses and Corporations. Something similar to this plan is not only necessary, it is fair and equal to all.

Nominees and all others caught up in tax related cases would have very simple cases. Did you pay your 10%, 20% or 30% or didn't you?
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