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Learn IRA Basics, new 2020 rules for IRAs, and answers to frequently asked IRA questions at JAVA with JVB, on Tuesday, February 25, at 12:15 pm, at the JVB Coudersport office on East Second Street. Light refreshments will be served along with Java, of course! See you there!




Learn IRA Basics, new 2020 rules for IRAs, and answers to frequently asked IRA questions at JAVA with JVB, on Tuesday, February 25, at 12:15 pm, at the JVB Coudersport office on East Second Street. Light refreshments will be served along with Java, of course! See you there!

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Monday, March 30, 2009

Specter Bill Would Scrap 1700 Pages Of IRS Code

Specter Introduces 'Flat Tax' Legislation
Senator Arlen Specter (R-Pa.) today introduced legislation that would scrap the 17,000 pages of current IRS code in favor of a 20 percent flat tax for all individuals and businesses.

The revenue-neutral legislation would allow tax-payers to file returns on a postcard that could be completed in 15 minutes.

“My flat tax legislation would make filing a tax return a manageable chore, not a seemingly endless nightmare, for most taxpayers,” Senator Specter said. “This legislation will fundamentally revise the present tax code, with its myriad rates, deductions, and instructions.”

For more on this story, go to the
1490 NewsBlog.


Anonymous said...

Finally a congressman who has the balls to introduce the flat tax...only problem is it won't ever you realize how many IRS employees will be affected not to say all of the IRS subsidiary companies, i.e. H&R Block.

Anonymous said...

I hope he gets this passed before we vote him out in November!!!!

Anonymous said...

People who support the flat tax probably do not realize that it would result in a HUGE tax INCREASE for those who make less than $250,000 a year. It sounds inviting but the fact is that taxing higher incomes at a higher percentage is a BETTER system for 98 percent of Solomon's Words readers than the flat tax that everyone seems to think is such a great thing. If YOU want to pay A LOT MORE TAXES and want the RICH to pay less, then the flat tax is for you!

Rep. Chick said...

Well If someone does not do something soon we will all be screwed!

If Obama has his way a very large amount of tax payers will be effected come April 15 of 2010!

He wants to remove the ability to write off your interest you pay on your mortgage! That's stop and think how that will effect your income tax return.

When questioned by a reporter he danced around the question and talked about the fairness of someone that makes 40,000.00 a year being able to claim the same % of a 100.00 donation as someone that makes as much as he does...what the hell kinda answer is this?!

Oh we are getting change all right, screwed is what we are getting!

How about the the bail out money mess at AIG? Now the politicians are telling them if they donate their bonuses they received they will now not be made to pay it back, bull crap!
For all we know they donated this money to bogus charities and or family members! I do not trust any of them, the companies that have received our tax dollars or the politicians that are handling our money and forcing regulations up our noses!

You are right, I do not feel this will ever happen, too many federal employees would be effected!

And as far as Senator Specter goes, he is grasping at something, anything to be reelected...with any luck we will vote him out!

Anonymous said...

I totally agree with the 11:49 poster...

Anonymous said...

I am all for a flat Tax, This would save thosands of dollars a year in accounting fees. As far as the people who work for the IRS, to bad nobody gave a shit when I lost my job with Adelphia.

JMHO said...

"If YOU want to pay A LOT MORE TAXES and want the RICH to pay less, then the flat tax is for you!"

Why is it that if someone makes more money than someone else, they should have to give up a higher percentage of what they make to the govt? I just don't get it. A 20% flat tax is fair, simple and about time.


Anonymous said...

I agree with Chick.

People voted in Obama because they wanted change. We are getting change alright.

I am afraid what this country will be in 4 years. I can not believe people don't see what him and his dream team are doing....

The first time in my 40 years of life, I am afraid for the future of my children....and so should everyone else....

Remember Spector voted for the bail out crap.....

Anonymous said...

if you want a better idea of how taxing is getting out of hand, watch the movie Popeye.
the tax collector in the movie taxes everything from sitting on a park bench to using an umbrella.
that's what we're headed for.

Anonymous said...

The average working class wage earner often pays a higher percentage of their wages out in taxes of all forms than a high earners. FICA, medicare, UE, sales tax, gas Tax, utilities tax, use taxes, beer tax, liquor tax, tobaco tax, road tolls, property tax, school tax, etc. add up to a huge percentage plus income tax adds up to a huge percentage of the income for a person making 40k per year. Much more than 20% even without a federal income tax at all.

On the surface a "flat" federal income tax sounds equitable, but the reality is it could result in lower earner paying out a much larger percentage of income in taxes of all forms than higher earners.

Anonymous said...

There's a reason we DON'T have a flat tax rate...we can't afford it!

And as for Specter, are his taxes seems to be the going thing these days (politically correct that is).

Anonymous said...

How about a "National Sales Tax", the more you buy the more you pay?

Anonymous said...

do you realize that with the 20% there would be no deductions or exemptions and if you made $50,000 with a 20% tax would cost you $10,000, now with the exemptions and deductions that could cost you about $5,500. What they need to do is to increase the percentage that the rich pay, since they a lot of time pay nothing, even making a couple million a year, that is what's not fair. Maybe they could consider a 5% flat tax for those making less than $100,000 then maybe go up 5% each stage after that until they get up to 20% for those making the millions.

Anonymous said...

I cannot stand Specter, but this is good idea. I doubt the Dems in Congress or the President for that matter would ever go for it. There's so much $s and time spent just complying with the tax code. I hope Washington takes a serious look at this.

Anonymous said...

i would support a national sales tax, that way everyone who spends shares the burden of paying taxes. it might also provide incentive for people to save some of their earnings rather than capriciously spending it.

i remember when steve forbes ran for president and used the flat tax as part of his platform. it sounded good at the time. now, i would have to invest a little more time into sorting out details to make an informed decision.

this is food for thought anyhow...

Anonymous said...

i agree with JMHO.