Complete overhaul provides 'a lot to be excited about'
Senate Majority Leader Mitch McConnell, R-Ky., says it’s going to take a bit of time for tax reform to happen.
Even under President Trump.
After all, he’s got the Supreme Court nomination, immigration, Obamacare and other issues to address, too. And then there are those recalcitrant Democrats who appear not to agree with anything.
Treasury Secretary Steven Mnuchin has said the administration would like the reform done before an August break, but McConnell says it’s going to take longer.
But what could the changes be like – eventually?
The one plan that already has been proposed, and is being supported by dozens of members of Congress, would be a radical move.
For one thing, and it’s good news for most Americans, the IRS would vanish.
As would payroll withholdings.
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4 comments:
Congress needs to start working more and off less. How hard is it to construct a clean Bill, no more than 10 pages that is to the point and no excess BS?
Time to get rid of the taxman...we left England for this very reason ...we are being robbed every Friday afternoon. Our money is being taken and used for things we dont agree on, given to lazy slobs,and then if you can't comply the taxman swoops on and robs you over and over.
This is the best news yet. Get on with tax reform.
I still remember my very first real paycheck, other than working on a farm. I had already figured out my hours and what I was paid an hour and had a good idea what my paycheck would be.
Lo and behold, when I opened the envelope and looked at my check it was much lower than I expected.
I got looking at the deductions and asked aloud what or who is F.I.C.A.? He didn't work for my money so why does he get a cut. lol.
Of course I found out what FICA was and all those other deductions from MY money. Some suit sitting on his ass in DC got his hand in my pocket. Oh I was hot. He didn't work for my money, I did. And I wanted all of it.
Of course we all know that's not how it works. But over time I learned to claim as many exemptions as I could and my checks would be bigger. Granted that meant I would have a lower tax "refund" but I didn't care. I wanted my money, I wanted it now and I didn't want to wait all year to get it back, without interest to boot.
I could never understand when people would get so excited over their tax "refund". They act like it's free money or something. Like they won the lottery.
It is/was your money to begin with. They just held onto it and gave back what you overpaid, (or they OVERTOOK) at the end of their cycle.
People go out and blow that check on luxuries, party it up, buy toys, whatever. That's all fine and good but it's not some kind of bonus guys. You "LENT" the gov't your money for them to do whatever with it, and when you got the excess back, they don't even pay you interest.
Go borrow money from a bank or finance company and you will pay them interest so why shouldn't you collect interest too? They "BORROWED" it from you after all didn't they? lol.
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