Mohacsy's Safe Portfolio Member Forum

[RichardTC]

On the subject of taxes, I think the current system is a joke. I live in NYC which means I pay federal, state and city income taxes. My combined marginal tax rate is about 50%. My projected effective combined tax rate for 2006: 22%. BTW, I have no dependants, mortgage interest or property tax deductions. I also don't use any exotic tax shelters (unless you consider 401ks to be exotic), nor do I aggressively itemize deductions/have home business expenses. If I did, my effective rate would be substantially lower. As far as people paying their fair share/the flat tax idea, the largest tax dodgers aren't corporations or individuals, they're small business owners. I can't tell you how many small business owners I know who are flagrant tax evaders. I wish the IRS would focus on that policing that group rather than wasting manpower on investigating Earned Income Credit fraud.