Working this weekend

[ChEAr$]

Putting finishing touches on my own tax plan in case Cain or Perry's plan fall short of approval

Roughly it goes like this: the Lunsford 9 - 1 - 1 plan

9% national sales tax

10% income tax (that's 9 plus 1), no exemptions, no deductions, no credits including you know which)

11% corporate income tax rate (that's 9 plus 1 plus 1).

Still needs work, but I've plenty of spirits.. uh.. spirit.. to flesh it out.

[DTS]

Your plan is not making much sense to me.

[JohnH]

I like the 911 moniker.
Lots of ways to look at that.

[BHoffman]

I wonder if the Harlan plan would include a change to the tax code such that single malt scotch is an office supply?

[Jiggers]

The key to any tax plan is the definition of income, and in the case of a national sales tax, the definition of what is subject to tax.

W-2's, 1099R's, Interest, and Dividend income is easy to define.

About about Schedule C's, E's, and F's?

And in the case of corporations, define income. In Texas, the state franchise tax defines income as Gross Receipts less modified cost of goods sold, in some cases, and other deductions in other cases. Really confusing.

And depreciation: Bonus, Section 179, MACRS, SL, 200DBMACRS, 150DBMACRS for farmers and AMT.

And on and on and on.

As far as sales tax, what items are subject to sales tax? Everything. Food, medicine, services? Any exemptions for farmers?

[ChEAr$]

The key to any tax plan is the definition of income, and in the case of a national sales tax, the definition of what is subject to tax.

W-2's, 1099R's, Interest, and Dividend income is easy to define.

About about Schedule C's, E's, and F's?

And in the case of corporations, define income. In Texas, the state franchise tax defines income as Gross Receipts less modified cost of goods sold, in some cases, and other deductions in other cases. Really confusing.

And depreciation: Bonus, Section 179, MACRS, SL, 200DBMACRS, 150DBMACRS for farmers and AMT.

And on and on and on.

As far as sales tax, what items are subject to sales tax? Everything. Food, medicine, services? Any exemptions for farmers?

As I said, Jiggers, income tax with NO deductions, NO exemptions, NO credits.
Really REALLY simple. However you have a good point. 150 DB MACRS for farmers
would still have to be a deduction. But that the only exception. (grin

And if the farmer has a still producing single malt Scotch, he may increase the 150 % by a factor of 1.125

[Burke]

However you have a good point. 150 DB MACRS for farmers
would still have to be a deduction. But that the only exception.

Why the exception? Why not one method? And optional election to write off full cost in lieu.

[taxxcpa]

Any return that will fit on a postcard

A return that would fit on a postcard is the ultimate goal of the 9-9-9 & 911 plans.

Lump all income from salaries, business profits, rent, royalty, capital gains and anything else on line 1
List your standard deduction plus exemptions on line 2
Line 3 = [Line 1-Line 2} X tax rate.

Discontinue all supporting schedules.
Depreciate everything other than buildings over 5 years straight-line.
Depreciate buildings over 15 years.

Add 50% surcharge if you are a congressman.

[ChEAr$]

Why the exception? Why not one method? And optional election to write off full cost in lieu.

Hey, great idea, Burke!

Change two; full write off of all single malt whiskey stillls, but only to produce Scotch whiskey in either Arkansas or Kentucky (Harlan county excepted).

[ChEAr$]

A return that would fit on a postcard is the ultimate goal of the 9-9-9 & 911 plans.

Lump all income from salaries, business profits, rent, royalty, capital gains and anything else on line 1
List your standard deduction plus exemptions on line 2
Line 3 = [Line 1-Line 2} X tax rate.

Discontinue all supporting schedules.
Depreciate everything other than buildings over 5 years straight-line.
Depreciate buildings over 15 years.

Add 50% surcharge if you are a congressman.

'

Some good points Atticus; however, remember I said NO deductions; NO exemptions.
(well, with exceptions as previously noted.)

But in the interests of simplicity and given the fact that no taxpayer should be unfairly burdened, add a line on the postcard where he may deduct the cost of the postcard from his tax liability.

But that's all.

[taxxcpa]

Rick Perry's drunken speech

Rick Perry has the solution to all of our problems. Apparently he had the aid of a fifth of Scotch in explaining his plans.

Here is a link to his drunken speech.

http://www.youtube.com/watch?v=7M4gz97Y9W8