Mitt Romney asks: How do you simplify the tax code?

Question

My answer is: start over again from the very beginning. Do not create separate categories such as Captial Gains. Qualifying and Non-qualifying dividends. Interest is taxable, also Dividend income. Gain on sale of a house should have no limit. All those with incomes in excess of $200,000 taxable.

Answer 1

and your question is what here? Looks more like you're offering your opinion here than asking a question.

Answer 2

Remove qualifications for reduced tax obligation and standardize collection periods for all types of tax.

For each law that generates a specific tax, there are situations where the full tax would not be applied if the customer met certain qualifying criteria.

Accounting for these special cases amount to the greater portion of the tax code.

In most cases, these items seem to benefit only the large dollar corporations who in many cases, report taxable earnings of zero or less while the individual taxpayers report their entire earnings.

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Answer 3

Do away with income taxes and create a national wide sales tax. That way, visitors from outside the country are putting money into our tax system.

An example: Sales tax in my area is 6.5%, if that is increased to 25% but I have no income taxes withheld from my salary, it will probably work out.

People who have a lower income will bring more home because the income tax has been removed, and their spending won't change that much because they'll continue to spend what they can afford to spend.

Visitors to our country will buy things here, thus adding to our tax fund. I would give a break to senior citizens, and for hardship cases.