Welcome to Tax Week! The week where we discuss… taxes. No this isn’t about tax brackets, tax breaks, and offshore bank accounts. Instead I was inspired after an event that frustrated me to no end. Remember those stimulus checks we all got last year that were supposed to save our economy? Yeah well the economy obviously failed, and I know why. I didn’t get my stimulus check! Don’t blame the IRS for failing the economy, blame my (former) accountant for filing me as a dependent when I am not; my parents didn’t claim me either. So I had to wait until filing my return for 2008 stimulus check. My bonehead accountant also gipped me out of half my federal and state returns, though I have received these late last year.
The complicated tax code is the culprit of my strife. It inspired me to see if there are other options to avoid all the current complications of our tax code. Looking back at my college days I remembered two other tax philosophies outside of the current US tax system.
If you remember how these weeks work this will be old news to you. Tomorrow I’m going to talk about our current tax code, which is essentially an income tax. Wednesday is reserved for the Fair Tax. This is a glorified sales tax. Thursday is all set for the Value Added Tax, which is a system popular in Europe. As always Friday is reserved for my final thoughts and opinions.
Off we go on another whirlwind adventure into the depths of national fiscal policy decisions. See you tomorrow.
Photo: blmurch
PS: If you’re looking for some good reading until tomorrow, check out my blogroll at the bottom of my sidebar on the right —->
 By The Weakonomist |
The Weakonomist is the founder of Weakonomics. Clicking the picture of the puppy will tell you more about him. If you like what you're reading consider subscribing to the blog, following him on Twitter, and checking out the related posts below. Please consider a donation if you really enjoy Weakonomics. Also keep in mind that nothing I say can be construed as financial advice. |
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Said,
Weakonomics,
While there are easier tax codes out there, I think for 80% (made up stat) of americans, specifically, those with a W2, one or two 1099s, and their mortgaged deduction – the tax code is SIMPLE.
I do not have a simple tax life, and thus use the expertise of a CPA, but this past weekend I did my brother’s taxes and it took me all of 60 mins (granted I have a J.D. and deal with tax issues often).
In today’s day and age, turbo tax makes it HARD to mess up your taxes!