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The only way to kill the MCP... er... Masterfile is to modernize the tax code. Hopefully with something simpler to understand.
by mjevans 6y ago
The only way to kill the MCP... er... Masterfile is to modernize the tax code. Hopefully with something simpler to understand.
- deleted 6y ago[deleted]
- redis_mlc 6y agoThat isn't going to happen in the US because all those loopholes represent some politician flexing his power. No, I'm not exaggerating. I think in some of the Nordic countries they've done harmonization, but that can only occur when a technical solution is possible, and US politician want to retain political control of funding. Don't get me started about AMT. About a decade ago there was a poll of House members. All of them said they couldn't do their own taxes because of AMT, except one who was basically poor. For non-US readers, the US federal tax code consists of 2 parallel rules, regular and Alternative Minimum Tax (AMT). AMT was originally supposed to catch high-income earners, but after decades of inflation, catches basically anybody with a 6-figure salary, depending on the tax year. If you want your head to explode, read this: https://en.wikipedia.org/wiki/Alternative_minimum_tax https://en.wikipedia.org/wiki/Alternative_minimum_tax
- jbn 6y agoExactly what https://www.goodreads.com/book/show/32301945-a-fine-mess https://www.goodreads.com/book/show/32301945-a-fine-mess argues. Note that it's not a US-only issue, France has exactly the same problem (too many obscure rules granting exemptions). Simplification results in a more just system, and it is entirely possible to lower tax while increasing tax revenue for the state (I think Sweden did this, can't find citation ATM).