The Tax Code For A Millennium

By JK Roos, Jr

The Tax Code for a Millennium presents a Remedial US Income Tax Code that is expressed in less than twenty five words. Imagine eliminating the voluminous and confusing Tax Code Regulations accompanied by the complete elimination of all individual taxpayer returns (i.e. all 1040’s and their related schedules).
The Remedial US Tax Code is defined in less than 25 words as follows:

“Solitary purpose - raise funds to pay the bills without any economic, political or social engineering whatsoever. Essential characteristics - fairness, efficiency, enforceability and simplicity.”

Since the author does not dwell on what is wrong with the present tax code, this enlightening book is a “Quick Read”. The focus is on a realistic remedy that could eventually pave the way to solving the recurring problem of deficit spending.

The most welcome features of the accompanying Tax Plan are as follows:
1) Eliminating the annual filing of all Individual Tax Returns will relieve a tremendous amount of costly anxiety for most people.
2) Fostering long lasting green benefits will result from eradicating tons of unnecessary paper when all Individual Tax Returns will be discontinued.
3) Streamlining the operation of the Internal Revenue Service will establish a less costly and more efficient collection of Revenue.

• Language: English
• Publisher: JK Roos, Jr
• Release date: Jun 28, 2013
• ISBN: 9781301220908

JK Roos, Jr

This author is a semi-retired Financial Executive and Consultant who is quite familiar with the significant aspects of the present tax code even though he has never participated in the “Taxation Industry” for remuneration. He has always prepared his own individual and business tax returns. His business, which was established in 1982, is engaged in highly specialized financial and consulting services other than taxation while currently specializing in creating Unique Marketing Concepts, Unique Profit Concepts and Unique Governing Concepts. In view of the foregoing perspective, it is a privilege and a pleasure and to be counted among the few creative people who are in the enviable position of being able and willing to offer the best alternative to the present tax code.

Book preview

THE TAX CODE FOR A MILLENNIUM

Equality for All

Published by JK Roos Jr at Smashwords

Copyright 2013 JK Roos Jr.

PREFACE

The present tax code has surprisingly survived for 100 years but it most likely will not survive during the next 100 years. Have we, the people, been wronged again? Yes, it appears that we have because we continue to tolerate a tax code that has not served most of us well. Case in point; since 1969, the tax revenue that was raised annually has consistently been insufficient to pay the annual bills, resulting in deficit spending in all but only four consecutive years. Approximately four decades of serious deficit spending! We have routinely accepted this. If the Romans were here today, they would be taking notes like mad.

Some may argue that this accumulated debt is doing more good than harm, while most unselfish people logically protest that this may do more harm than good. However, an indisputable fact is that consistent deficit spending at a significant magnitude will always leave our descendants with a substantially higher National Debt than we inherited from our ancestors. This is obviously selfish behavior as well as an expression of thoughtlessness toward our future generations which may tag all of them with a lifetime with a lower standard of living than we are enjoying.

This book does not dwell on what is wrong with the present tax code, which has frequently been well documented elsewhere. Instead, the focus will be on a positive approach by presenting a remedy that may pave the way to solve the annual problem of deficit spending. Any tax code alone cannot eliminate deficit spending; however a superior tax code that is transparent may make more people willing and anxious to accept the legislation of a balanced budget amendment in order to introduce the complete control of spending.

This book is about a remedial Income Tax Code, which demonstrates a new Tax Code that will contain the following essential characteristics:

Fair

Efficient

Enforceable

Simple

It is a refreshing quick read that is brief and concise when compared to the reams of paper that it takes to describe the present tax code and regulations. Part I presents the justification for an all-encompassing proposed tax code that is expressed in less than twenty-five words. Part II lays out a possible tax plan in compliance with the proposed tax code while Part III presents some optional aspects of possible tax plans. The most surprising feature of this tax plan is the absolute elimination of the annual tax return and all of its’ accompanying anxiety and grief. Can you imagine how this will be accomplished? It may be easier than you think!

One may ask why no one has proposed a tax code like this until now. Many people are going to be either embarrassed or disappointed by the explanation. Among those people who are most qualified to devise a real and complete remedy for the present very cumbersome tax code, too many did not want to kill the goose that laid the golden egg. Other better intentioned people may have feared consequences from any one of several sources within the tax industry. We have witnessed the ever increasing and thriving industry called Taxation that is serviced by a multitude of accountants, government employees, lawyers, lobbyists, politicians (the foregoing incomplete list is in alphabetical order to avoid inferring levels of guilt) plus part of the financial services industry that also specializes in taxation in one form or another, full time or part time. It takes a principled individual to advance a recommendation that may eliminate his or her own job even though it may serve a greater good. But, it takes a fool to advance a recommendation that may eliminate the jobs of most all of his or her contemporaries. Therefore, it appears to be certain that the Taxation Industry has many principled individuals, but the same industry seemingly has no fools.

This author is a semi-retired Financial Executive and Consultant who is quite familiar with the significant aspects of the present tax code even though he has never participated in the Taxation Industry for remuneration. He has always prepared his own individual and business tax returns. His business, which was established in 1982, is engaged in highly specialized financial and consulting services other than taxation. In view of the foregoing perspective, it is a privilege and a pleasure and to be counted among the few people who are in the enviable position of being able and willing to offer the best alternative to the present tax code.

The introduction and presentation of a new tax plan in accordance with the proposed tax code mostly excludes comparisons with the present tax code in order to avoid wasting words and the reader’s precious time. There will be rare exceptions only when it becomes necessary to clarify a point. All readers will discover that there are many potential sources of tax revenue available in this tax plan that may be spread over a larger tax base as well as some sources of tax revenue that should be discontinued. Regardless of the number (fewer is better) of sources of income tax revenue, the expansion of the tax base will be a pleasant surprise for all present taxpayers when the participants in the subterranean economy are included without exception. This also means that criminals will no longer be excluded from the tax base.

Although this author favors this tax plan with only one or two primary sources of tax revenue, a potpourri of other sources will be feasible if necessary. An outstanding advantage of only one or two sources of tax revenue is that each taxpayer becomes more keenly aware of the exact percentage of each taxpayer’s income that will be paid in taxes. However, if many or all sources of tax revenue are to be included in the mix, the tax rates of each source may be lower despite the accompanying increase in confusion and lack of transparency. On the other hand, if only one or two sources of taxation are to be selected, the tax rates for each remaining source should be higher. Regardless of the number of tax sources in any tax plan, an enlarged tax base combined with reasonably controlled spending is the most significant factor in determining more favorable tax rates.

As previously stated, the present tax code has not served us well. Therefore, we need to explore the best remedy to solve this problem. The answer may be a proposed tax code accompanied by a tax plan that could become a realistic remedy by solving a host of very serious tax problems for most taxpayers as well as for our country. The manuscript for this book was completed in years ago but set aside due to this author’s concern that this proposed tax code might be ignored while the legislature regretfully proceeded to cherry pick just a few aspects of its’ tax plan. Another concern of this author was that too many attempts may be advanced to optimize the essential characteristics of the proposed tax code. Within this proposed tax code, optimize is considered to be a naughty word and one to never be applied. Any tax plan that fails to maximize each essential characteristic will never be valid under the definition of this recommended tax code.

There are possibly 101 or more potential tax plans that could emanate in accordance with this unaltered proposed tax code. After reading Part I, you may begin to envision your version of such a tax plan. This fact could lead to the development of a fabulous contest or perhaps a series of very informative and entertaining TV Shows.

PART I

HOW THE TAX CODE SHOULD BE

Chapter 1 - Description

Paying taxes may never be painless; however, there is no reason why it should be