Bitcoin Forum

It's tax time, and as usual a lot of people are griping and complaining about taxes, and how they don't agree with what some of their taxes pay for, taxes are too high, etc etc.

I am curious to see, if you could completely reform the tax system in the US, what would you do? Assume that you have complete control to make whatever changes you like.

Thank you for a serious response. I actually am a huge fan of a flat across the board tax as a possible system. 25% would be reasonable assuming that was it - not 25% federal + x% state lol. I also think a flat tax rate with no deductions or exceptions would simplify the whole process for most people quite a bit and eliminate some abuses.

Replace taxes with monetary emission?  ::)

Another option that I think is worth debating is to replace income taxes with a sales tax. So like, say 20 or 30% sales tax nationwide but no income tax. That way they don't have to waste time and resources trying to track down people hiding income, they just get it when you spend it. It would also encourage people to save. Look if you want to go after rich people, that is the way to do it - they may hide income or use tax strategies to lower their taxes but they can't escape the fact that they spend like drunken sailors.

implement bitcoins instead of dollars :D

I finally finished mine a few days ago. They were more work this year than ever before, not because of bitcoin as I wasn't yet involved in cryptos last year, but just a combination of things. If you change jobs, trade stock, collect dividends, win money gambling, own a home (ie mortgage interest, real estate taxes, etc) it becomes a lot of paperwork to manage.

Do you use software such as turbo tax? I usually itemize my deductions and it takes only about 30 mins to do my taxes.

I used turbotax for years but this year it sucks and there were some things it didn't want to cooperate on so I finally just went through an accountant.