Some great soundbites in the news today:
If you have a dramatic change in the tax structure at the federal level it’s going to upset the apple cart in every single state in one way or other, so it’s a tsunami.
~ Joan Wagnon, FedTax.net
GOP presidential hopefuls each have their own idea of what needs to be changed about the current tax system. And each claims to know the effect their changes would have, whether it be tax relieffor the middle class or if there will be sufficient revenues to run the government. But according to Wagnon, they’re just guessing (or hoping):
The trickiest question of any proposal is whether you are going to be able to replace all of the income tax and make up the same amount of revenue. It’s impossible to know.
Politicians also talk of abolishing the tax code and eliminating the IRS, but is this realistic?
You’re still going to have a white building with lawyers and accountants. They’re still going to do audits and there’s still going to be complexity to it.
~ Matt Schlapp, Cove Strategies