Quote:
Originally posted by fabsroman
Rattus/Tom,
The white collar CPA wouldn't be put out of business. Plus, you would be surprised at how many non CPA's prepare taxes. Do you think the guys sitting behind the desks at Jackson Hewitt, Liberty Tax Services, H&R Block, etc. are CPA's. Not even close.
Us CPA's would still have plenty of work to do because there are things called audits, bookkeeping, certified financial statements, etc. Out of all the CPA's that I went to school with, I don't know one of them other than myself that prepares tax returns, and I do it because I am a sole practitioner who happens to be an attorney and CPA with a bunch of small business clients.
Trust me, I think the tax code is way too confusing for most people to take advantage of the tax breaks out there. Come tax season, I spend half my time debating with clients over what is and what is not deductible.
By the way, I have no idea what "no child left behind means". Does that mean that children no longer get held back a grade if they are not doing well? If so, that is the stupidest thing I have ever heard. Kind of like telling all children that they are always winners no matter the outcome, but I digress.
You have to wonder how simple the tax code was when it was first implemented.
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Hi Fabs...
I agree that first of all, I don't think that the flat tax will happen. Secondly, if the tax was implemented as some think it will, (I'm not of that school), the income tax will be just two lines... how much you make, how much they take. That will eliminate the need to scores of preparers.
Business interests, on the other hand, I haven't seen addressed by the flat tax proposals, so I'm not really able to comment on that part of tax discussion. The question of income from stocks and investments hasn't been addressed that I know of either, because if you lose $1,000,000, let's say, do you just wipe out income for just one year? I don't know... do you just get to write off $3,000 a year for the next three generations of your family? I don't know... lots of questions for such a simplistic, proposal. That being said, if after all the other deductions and so forth and closing of loopholes, whatever that really means, tax is a flat amount, I'm ok with that too.
I don't think any of it will happen..... and you'll still be with the eyeshades, and I'll still be peddling pre-tax cafeteria products....
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Aloha...
