Thursday, March 24, 2011

GOP Poised to Pass Flat-Tax Plan That Raises Your Taxes & Increases Your Paperwork

Posted By on Thu, Mar 24, 2011 at 1:47 AM

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The idea of a flat tax is so attractive to Arizona Republicans these days that they’re willing to raise on nearly nine out of 10 Arizona households in order to put one in place.

Here's the JLBC's breakdown of the impact HB 2636, the flat-tax proposal that will be under consideration in the Senate Finance Committee today. (You can read the entire JLBC analysis here.)

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“It does create winners and losers,” says Karen McLaughlin of the Children's Action Alliance. "And most of the middle class and the lower class would be the losers. They’d be paying more in taxes and those at the high end of the income scale would be paying less.”

The CAA has run its own analysis of the flat-tax proposal. Here’s the result:

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And if you think it’s gonna simplify your taxes, think again. Here are the new steps you have to take once you've figured out your federal taxes:

Requires that computation begins with a taxpayer’s federal adjusted gross income (FAGI) and the following adjustments:

a) add the amount in excess of $25,000 with respect to a FAGI election to expense certain depreciable business assets;

b) add the amount of depreciation allowance not previously added;

c) add the amount by which depreciation or amortization computed under the IRC exceeds the amount computed on the Arizona adjusted basis of the property with respect to tax credits taken for construction costs for qualified environmental technology facility, pollution control equipment, agricultural pollution control equipment or water conservation systems, respectively;

d) add any amount of agricultural water conservation expenses that were deducted pursuant to the IRC;

e) subtract interest income received on obligations of the United States deducted in the computation of FAGI;

f) subtract any amount included in FAGI relating to taxation of social security and railroad retirement benefits;

g) subtract the amount of allowable depreciation for property sold or otherwise disposed of under the IRC that has not already reduced Arizona taxable income in the current or prior taxable years;

h) subtract an amount equal to 1/5 of the allowable addition to an individual’s FAGI computation due to an election to expense certain depreciable business assets;

i) subtract unreimbursed employee trade or business expenses that are allowable as an itemized deduction on the taxpayer’s federal income tax return, subject to certain federal limitations governing miscellaneous itemized deductions and the disallowance of certain expenses, and not including any amount already subtracted in computing FAGI; and

j) subtract amounts that are allowable as an itemized deduction on the federal income tax return as damages from a judgment awarded to the taxpayer, but reduced by attorney fees and court costs.

Yeah, that makes everything easier. What the hell is wrong with these assclowns?

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