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Flat Tax

W.T

Well-known member
Filed taxes today and had a long discussion with my account, and son who is a economist. The 14.5 % and the flat tax promoted by many politicians is a wonderful deal for the Mitt Romney's and Bill Clintons of the world. But not so great a deal for Farmers and ranchers.. I would have got to pay 15% Of my gross farm income. My son 15% of his wages. No deductions for anything! regardless if I showed a loss or not 15% right off the top. Sure made me change my view point on that issue. :idea: :idea:
 

Brad S

Well-known member
I don't think total receipts = business taxable income, in any sane person's mind. Imagine the taxable income of a car dealership in that scenario.

I'm not sure where 14.5% came from, but the tyrants are seizing beyond 23% openly who the hell knows what the real tax rate is including the hidden taxes are included.
 

Mike

Well-known member
What gets me now is when using the current Hybrid Accrual Accounting system, the gain in dollars of your inventory above last year is taxable.......even though it's not sold yet. :help:
 

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