Wednesday, January 5, 2011

Government Watchdog Unearths Rare Discovery

A government watchdog, hard at work, has figured out that our tax system is a fucking mess. Wow, now there's a newsflash.

It took politicians decades to put that mess of a tax code together so that the elite, wealthy, and corporate community could avoid paying taxes.

There is nothing on the planet that frosts my ass more than this leviathan sized U.S. tax code. It is absolutely criminal. My number one complaint? That piece of shit mortgage interest deduction. That sacred cow of America. It encourages this country to live well beyond our means and enriches government and banks. Property taxes, capital gains, debt. McMansions and sprawl.

Because I lived below my means (how novel) I could never use the deduction anyway. Can you imagine rich folks having to use standard deductions like the rest of us and not be able to write off 100 grand or more in interest? The collective howl from government, banks, and the elite would be deafening. I can almost hear it now...

At any rate- here's the article. Insightful only if you are under the age of 12 or just arrived here in a spaceship. http://money.cnn.com/2011/01/05/pf/taxes/IRS_tax_study/index.htm

2 comments:

richard said...

Heres food for thought. Remember all the billionares giving their money to charities? Really, no they didnt. What was created is a Charitable Remainder Trust. It means, they set up a board of their choosing, to dispose of their funds only when they say so, dont have too, though and all of those funds in the trust are tax deductable, wow, so that means as a billionaire I wont pay any taxes. Hmmm, guess what else, the money is in a interest bearing account, which they get to keep the interest, get this tax free. Now that chaps my ass!

Brian said...

I know some people who do that. Working stiffs like us aren't familiar with tax laws like that- because we don't have to be.

I am so sick of these billionaire types like Gates- and the media- fawning about the chump change he gives away. I would love to see how his charitable trust is set up.