Comments on: Senator Obama promises a 5-minute tax return

By: Patrick

Patrick — Sun, 20 Apr 2008 18:19:20 +0000

And then an entire industry goes down – not to mention the thousands of IRS employees who would be displaced (butthe government doesn’t really give pink slips very often, they would find them other work somewhere else, or just not renew positions when people retire).

It sounds like a dream, but I doubt we see it as reality any time soon.

By: Hustle Strategy

Hustle Strategy — Sat, 19 Apr 2008 01:27:23 +0000

Dude has got to be crazy 5 minutes? He must be referring to everyone being unemployed and just putting that on the form for the year. It is hard to do anything in 5 minutes.

By: DR

DR — Fri, 18 Apr 2008 00:18:10 +0000

Marty, I think that’s a great idea, too. Unfortunately, many great ideas get left on the chamber floor in the Capital.

By: DR

DR — Fri, 18 Apr 2008 00:15:31 +0000

Ron, it is clear that both Senators Obama and Clinton would raise taxes substantially. My concern is that they are positioning their tax increases as only hitting the rich. Even if one were to assume that’s true, they are then spending the increased taxes on massive social programs when we have a serious pending financial crisis in social security and medicare.

By: Marty

Marty — Thu, 17 Apr 2008 17:13:31 +0000

The Fraser Institute, a conservative think-tank in Vancouver, Canada, has a proposal for a one-page tax return. It couples a higher personal standard exemption with an elimination of pretty much every other exclusion or deduction out there and a single tax rate. I think it makes a lot of sense – the higher personal exemption would eliminate income taxes on the lowest income earners, eliminating deductions for everything under the sun would fairly tax the rest, and simplifying the process would allow ordinary people to file them on their own. I think the only downside is that a lot of tax accountants might end up looking for other work (sell your H&R Block shares now). Look it up.

By: Ron@TheWisdomJournal

Ron@TheWisdomJournal — Thu, 17 Apr 2008 04:27:18 +0000

Line 1: List your income

Line 2: Send it to me

THAT’S the five minute tax return I fear from the Senator.

By: FFB

FFB — Wed, 16 Apr 2008 21:05:06 +0000

Could a 5-minute return be possible? Yes, but I think only for people who have nothing to declare and go with standard deductions. And some of those people could be missing out by not going deeper into the return rules.

By: Dan

Dan — Wed, 16 Apr 2008 17:35:40 +0000

I have to laugh at all those who say they will simplify the income tax system. As long as we have any tax on income, we will have a complicated income tax system. Why? Because in the modern world income is sometimes hard to define, and therefore hard to evaluate how to tax. Over-simplification of the income tax system will make it easy to game the system and pay far lower taxes than our current system.

Another point to consider is the figure of $2 billion savings! bandied about. Sounds like a lot, doesn’t it? Do you know how much we spend on Easter candy every year? About $2 billion! Will we be able to invest our savings in tax preparation by doubling our spring candy consumption?

By: Eden

Eden — Wed, 16 Apr 2008 17:24:37 +0000

It’s funny that these presidential candidates actually think they have power to accomplish things like this. I suppose that line will win him an extra vote or two.

By: PT

PT — Wed, 16 Apr 2008 16:10:53 +0000

The only way I see it being this simple is removing tax on income and placing it on sales-only (see Mike Huckaby). Then you wouldn’t need a form at all.