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The tax code is complicated simply because wealthy people do not want to pay their fair share.
by mnky9800n 3y ago
The tax code is complicated simply because wealthy people do not want to pay their fair share.
- samus 3y agoDepends on your definition of wealthy I guess. There are many tax exemptions that also affect less affluent people. There are simplified filing schemes, but one would leave a lot of money on the table using those.
- rayiner 3y agoHave you ever done your taxes? For individuals, it’s easier if you have a high income because many of the deductions and credits phase out and are capped by AGI. Dependent care FSA versus dependent care credits, student loan interest deductions, etc. Most of the questions the software asks you aren’t “Warren buffet” deductions.
- lotsofpulp 3y agoIf you have high w-2 cash income. Once you get into equity or business income, it starts getting convoluted again.
- ghaff 3y agoOnce you get beyond W2 income, things get complex in a hurry. I don't think I have especially complicated income sources and deductions and I still end up with a half-inch sheaf of forms from my accountant every year. It's not actually a lot of work for me personally. I just need to make sure I've kept track of all the paperwork drifting in or downloaded and I have to write a fairly substantial check to my accountant.
- yonaguska 3y agoActual wealthy is living off investment income, not a W2. These are the people the complications are built for.
- rayiner 3y agoBut those complications don’t affect the average tax filer, which was OP’s theory.