Thread: How bad are the IRS?

Originally Posted by gococksDJS

Income:The amount of money or its equivalent received during a period of time in exchange for labor or services, from the sale of goods or property, or as profit from financial investments.

Gross or net?

What deductions are allowed? Cost of goods sold? Interest? Depreciation? Amortization? Accrual income or cash income? How is profit from financial investments computed?

How do you define "its equivalent?" How do you value property transferred?

You left out a ton of different types of income.

What are you going to do with the home mortgage deduction? You nuke it and you kill the real estate market.

This is sooooo much more complicated that you guys are suggesting.

just sayin'

Oh, and all of this ignores the transition rules which would be a nightmare.

Keep me busy for a long time though, so, let's do it.

I worked in the Tax department at PWC for a period of time, it is honestly the gayest division ever, computations after computations, they had 1 whole division on 1 single tax alone (VAT), and for you people who don't know what that is : Value Added Tax. And it gets really complicated when large scale business men get seconded to another country, who gets the income tax? the country where the person signed his contract, the country he works in? ...I could ramble on with this rubbish until I fell asleep.

Originally Posted by Pepper

Gross or net?

What deductions are allowed? Cost of goods sold? Interest? Depreciation? Amortization? Accrual income or cash income? How is profit from financial investments computed?

How do you define "its equivalent?" How do you value property transferred?

You left out a ton of different types of income.

What are you going to do with the home mortgage deduction? You nuke it and you kill the real estate market.

This is sooooo much more complicated that you guys are suggesting.

just sayin'

All I did was copy and paste from www.dictionary.com

Originally Posted by gococksDJS

All I did was copy and paste from www.dictionary.com

Dictionaries are the Devil!!

Originally Posted by Pepper

Gross or net?

What deductions are allowed? Cost of goods sold? Interest? Depreciation? Amortization? Accrual income or cash income? How is profit from financial investments computed?

How do you define "its equivalent?" How do you value property transferred?

You left out a ton of different types of income.

What are you going to do with the home mortgage deduction? You nuke it and you kill the real estate market.

This is sooooo much more complicated that you guys are suggesting.

just sayin'

SSSHHHH Pepper, it's going to be ok. Just BREATHE.

(I make a living doing this too so for me, I think a flat tax would suck).

and btw, yes, thanks to Bush, we have lower taxes such as capital gains tax cap at 15% - and who do you think the majority of people with capital gains are? (here's a hint: people with money to invest ie: RICH PEOPLE) I see it EVERY FREAKIN DAY. The RICH KEEP THEIR TAX MONEY.