I’ve read the IRS announcement on changes for 2014, and I have waded through explanations of the Affordable Care Act’s Premium Tax Credit…
My eyes have been stained by looking at The Federal Register! AAAAAAAAAAAAAAAAAAAAAARRRGH!
I then recovered and updated my baseline income tax model to estimate what taxes are going to be like for the masses for 2014. Big change: ObamaCare is in effect a massive new negative income tax, but you have to jump through some hoops to get it. Expect unfairness to follow.
On the upside, the larger negative income tax makes it easier to approximate the baseline system with a two-tier Simple Tax. And I have the tables to prove it. Check out:
Simple Income Tax Tables for 2014
Then come back here if you want to comment.
When I first presented The Simple Tax, I compared it to a model of the tax code as of 2013. I used 2013 because the 2013 guide was available, and I didn’t have to deal with the complexities of the Affordable Care Act.
I then wrote of an appendix article giving the gory details of my model. Read it here:
2013 Tax Calculations
if you dare.
Then come back here to comment if you have any brainpower left.
It’s that time of the year: time to begin to commence to think about gathering up information to give to your account to do your annual income tax filing. Not only does Uncle Sam take your money, he makes the process difficult and painful.
Allow me to present an alternative: The Simple Income Tax. It’s still an income tax, but it is far simpler, simpler even than most flat tax proposals. And unlike flat tax proposals put out by the political Right, The Simple Tax is more progressive than what we have today. Yet it is in many ways flatter. Bipartisan action is theoretically possible.
Paradox? Slight of hand?
Nope. It’s simply combing all the different income taxes into one. For an extensive explanation and lots of numbers read the full article:
The Personal Income Tax Made Simple.
Then, if you feel moved to comment, come back here to the blog.