A modest proposal this April 15

[Little-Acorn]

This country would be better off if we changed a few laws:

1.) Tax withholding from everybody's paychecks, stops immediately. And paychecks go up significantly as a result.

2.) Every week or two, the Fed govts and state govts, send a bill to each citizen for the amount they are no longer withholding, payable on receipt, and everyone must write a check or MO each time, to pay it.

3.) State and national general elections, instead of being held every November, are held one business day after Income Tax day (which is usually April 15).

This will make the country better off, because state and Federal taxes and spending will be brought down to reasonable levels faster than any politician could ever hope to do. And we will start electing politicians who are actually interested in controlling those taxes and spending again.

I'm not saying this proposal is perfect. There will be problems with enforcement, the pain of sending money to govt that you really needed to pay your daughter's tuition or whatever. But this proposal is better than what we are doing now, and will result in a better-run, more free country than it is now.

[tailfins]

What if we have a Value Added Tax (who could be against added value)? That way when we see a $200 hard drive or a $1,000 flat screen TV (they used to cost that, right?) everyone will just think that's what these items cost and people will stop being so annoyed over taxes.

All snark aside, your scenario is exactly what happens when you work on a 1099 basis. You pay 15.6% SSN and Medicare for "both sides" of the employee transaction off the top. Then you owe 10+% local incomes taxes if you're in New York City. Then if you don't quit working when your 15% Federal bracket ends, that goes up to 39.6%. 15.6+10+39.6=65.2%

If become a single employee corporation, you can designate some of the earnings as capital gains on your corporation. If that amount is over 40%, the IRS is likely to disallow it. You can also "double dip" on some expenses. For example charitable contributions can be corporate expenses while as an employee of your single employee corporate, you still get to take the standard deduction.

What do you think it does to the economy when people like me just stop working for the year once they hit $90K?

[Little-Acorn]

(who could be against added value)?

Someone who wants to tax it.

[red states rule]

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