April 15, 2010 11:17:33 AM
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Pretty much everyone thinks the tax system could be improved, and many think it needs to be overhauled completely. How would you improve the US tax system? Whether it's a completely different structure or just a tweak to how we file, we want to hear your Tax Day Tweaks!
Equalize the tax rates on earned income and capital gains and dividends. Abolish the AMT. Eliminate FIT for singles earning under $30,000 and couples earning under $60,000. Simplify the tax rates by instituting a flat tax of 25% for income up to $500,000 and 35% for income above $500,000. Eliminate all deductions and tax credits, except a 5% credit for residents of predetermined high tax states and a dollar for doolar credit up to $15,000 for IRA nad 401k contributions. Modify the tax depreciation rules for businesses.
