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Everything uses FEIN. Fuck you Kentucky I dont care what their LLET is
Flat tax with tiers
Prefilled tax returns from the government, so that taxpayers just confirm or modify. The main reason we don't have this in the US is because Congress loves its sweet sweet TurboTax lobbying dollars
Get rid of AMT..seriously who really understands that crap.
I'd get rid of income and estate taxes completely and go to a consumption tax.
Hypothetical utopia: the primary tax is on the unimproved value of land (Georgism). Promotes the usage of land to its highest purpose. Any other taxes exist solely to mitigate negative externalities (i.e. A tax on noise pollution which directly funds mitigating solutions).
Standardized one page tax forms for every state. State returns are such a pain. Why the heck does New York need a K-1 that is 11 pages long, when the federal is only one? And not only that but two different types of K-1s for corps and individual/partnerships.
No state based income tax. I moved from a single tax return in Australia, to 1 federal and 6 state returns in the US last year. Getting $3 cheques, or doing 6 page paper returns that a state then has to pay someone to manually enter just because I travelled there for 8 business days is a waste of time and money
Thanks. Keeping it real - this was given as homework. Anything that sounds more simple? I just started June and idk anything yet!
For simple individuals I complete agree with EY1. Many European nations go this route.
Hypothetical real-world solution: move to the Fairtax (flat consumption tax with UBI-esque prebate). While an income tax is a nice steady stream for the fed, I feel that it is a colossal waste of everyone's time, and I think the consumption tax is more reasonable than income (allows you to truly save/invest 100% of your earnings instead of playing tax-privileged games).
Now that would be cool ^