Top 25 Funny & Famous Tax Quotes
Many people claim having a sense of humor will get you through the most difficult of times – what’s more challenging than parting with your hard earned money to pay your income taxes? Everyone from politicians to comedians and authors has had something to say about the United States tax system – here are the top 25 funny tax quotes we’ve found:
What Tax Accountants, CPAs & Tax Preparers Do - MEME
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Overview of the FairTax: Definition, Benefits & Criticism
Since 1999, the FairTax has been a proposal regularly brought forth in Congress. The main goal of the FairTax is to replace federal taxes on income and capital gains with a national sales tax. That way, taxes are collected on consumption, rather than on income. The national sales tax would be collected on top of state and local sales taxes.
In addition to replacing the income tax, the law creating the FairTax is also designed to abolish the IRS. Proponents also want the 16th Amendment - which codifies the income tax - repealed. The FairTax would be levied only on new goods and services (not on used goods).
Is a Flat Tax the Answer?
Everywhere you look these days, it seems as though someone is suggesting a flat tax. Our complex tax code is under fire, and many demand a simpler structure. The flat tax seems to fit the bill exactly. However, there is a great debate as to exactly what form a flat tax would take.
Here is a look at both sides of the argument:
Arguments in Favor of a Flat Tax
Many cite the complexity of our current system, and the existence of loopholes that make it possible for many people to not pay any taxes at all. A flat tax, some argue, would eliminate these loopholes, and require that everyone pay the same percentage of their income to the government.
Why is There So Much Interest in Candidate Tax Returns?
It's become almost a matter of course: If you are running for public office, you are expected to release your tax return each year. This is especially true if you are running for "higher" offices. Most mayoral candidates aren't expected to release their tax returns, but if the candidate is running for a federal position (Congress, President), many citizens want to see what their finances look like.
Not too long ago, Texas governor Rick Perry called on candidate Mitt Romney to release his tax return information – something that Romney has never done before, and continues to refuse to do.
But, why do citizens care? Why is there so much interest in candidates' and public officers' tax returns?
Are Tax the Rich Proponents Getting Their Wish Through Inflation?
Taxation is a hotbed topic, and for good reason. The amount of taxes that the government levies on citizens can have a major impact on the economy. No one can seem to agree on the best balance of taxing and spending. In can be argued though those proponents for tax increases might be getting their wishes fulfilled through monetary inflation. Monetary Inflation is one form of tax that seems to slip completely under the radar. Monetary inflation is the worst tax of all, because it ultimately lowers the spending value of your money, just as if it had been taken right out of your pocket without any news laws or any up or down vote in Congress. Consequently, you have to spend more for the goods and services you need or want.
Are High Tax Rates a Reason for a Small Cisco Systems Dividend?
Cisco Systems, like some other tech firms, is being labeled a "hoarder" for paying a small dividend. Moreover, Cisco's stock price is down this year alone 20% or so. Many shareholders, notably Ralph Nader, recently criticized Cisco for paying such a small dividend (annually 24 cents a share) because Cisco is sitting on approximately $43.5 billion in cash. The majority of this money is sitting in overseas bank accounts.