I had an interesting conversation with close family over an amazing dinner at the Safari Room at Oceancliff this week. You have to try the Seafood Scampi. Good stuff!
We were discussing politics. Very dangerous ground since we all have very different political views. Maybe we’ll get into religion next time. Anyway, we came up with a streamlined program to solve our nations financial crisis. Well, maybe we did.
Most won’t like this but, it makes perfect sense. First, we need to get rid of cash. Most don’t use it anymore anyway. Those who do in most case are either pawns in someone else’s scheme to not pay taxes or are simply wanting to reap the benefits of our economy without having to pay their share of taxes. You’ve seen legitimate licensed cash only businesses in your daily walk. Ironically, I’d visit them more frequently if I carried cash but, I’m that direct deposit debit card kind of guy. Those conducting illegal activities prefer cash as well. Yes, there are those who simply don’t trust the banks, but these are few and far between. Taxes have gotten a bad rap over the years because our government keeps raising them to counteract the damages from those who don’t pay their share. You know, “The smart people.” No cash means reduced crime, lower law enforcement costs and it will make the IRS virtually obsolete. It also means more money for or deteriorating infrastructure, educational systems and an affordable health care system that doesn’t strangle the middle class.
That brings us to our next idea. Let’s remove the deductions for everyone. There are so many loopholes in our tax laws that the middle class simply foots the majority of the bill for everyone else. I’m talking about the richest and the poorest. When we remove the deductions everyone can pay the same tax rate. Yes, I know the flat tax scares a lot of people. I’ve been on both sides of the fence on this issue. However, a flat tax absent of deductions will ensure everyone pays their fair share of taxes. This will improve the quality of life for all and solve a plethora of other issues as well; the taxation of interstate commerce being a huge one So, are you with us? Are you for a better, cleaner healthy life for all or are you a mattress stuffer who has kid yourself into believing stashing away cash is how the richest and most prominent people in the world got to where they are today? Let us know. I’ll pass it along to my “Safari Room Round Table” participants.