We have a complicated Tax system which supports the rich and dishonest people. We have too many loopholes for avoiding Tax. We need to have a simple Tax structure - fixed percentage of Income as Income Tax, Profit as Corporate Tax and Sales value as Sales Tax. No deductions, No Credits.
I understand it will discourage some spendings such as Charity spending, spending on buying a solar panel etc. But there are other ways to help those industries or organizations. Government can create a fund to support specific initiatives.
This will ensure people can not make false claims for Tax deductions, simplified Tax codes will reduce the need for Billion dollar Tax Preparation industry(which does not add any value to the society) and government can reduce Tax Audit related overheads.
All can spend their time on more productive activities.
Think about it!
I understand it will discourage some spendings such as Charity spending, spending on buying a solar panel etc. But there are other ways to help those industries or organizations. Government can create a fund to support specific initiatives.
This will ensure people can not make false claims for Tax deductions, simplified Tax codes will reduce the need for Billion dollar Tax Preparation industry(which does not add any value to the society) and government can reduce Tax Audit related overheads.
All can spend their time on more productive activities.
Think about it!
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