February 19, 2006

It's That Time Again!

Tax Season is upon us, yet again. I paid in my taxes for 2005 and I'm not convinced that I got a good return on my investment.

For those of you playing at home, here's a breakdown of where your taxes went:
Social Security, Medicare and Other Retirement - 36%
National Defense - 19%
Medicaid, Food Stamps and Related Services - 14%
Physical, Human and Community Development - 10%
Interest Payments - 7%
Unemployment and Social Services - 7%
Veterans and Foreign Affairs - 4%
Law Enforcement and General Government - 3%

I can't wait until the tax code's completely overhauled... Something like a flat 10% income tax with simplified deductions for everybody (including businesses). I'd love for an individual's return to be able to fit on a post card and only require high school-level math and reading skills. Mostly because that's about as much faith that I have in the general populace's abilities.

Or... Instead of trying to squeeze me at both ends, how about a federal Value Added Tax that's added at every transaction and no income tax? Of course, leave it to the folks in charge to totally screw the pooch on this one too by keeping the federal income tax going as well.