The ShoeMoney FU Tax Act of 2011

Obama lately has been on this kick about the wealthy paying their fair share. Being we are coming up on an election year you are going to hear all kinds of theories and numbers that you can’t really take to seriously... Promises are gonna be made... stats will be made up... All I can do is talk from my own experience. I felt like I have always paid my fair share. The one thing I have learned is that the more money I have made in my life the more "opportunities" there are to pay less taxes. Lets for a second forget about the 3 companies I have sold in the last 5 years. Total combined investment of probably 200k of post taxed income but millions and millions in return which I only had to pay 15% income tax on. But I pay a very low amount of tax by deferring money. In my case a huge percentage of my income is tax sheltered for many years. Thus bringing down the total amount of tax I pay by about 40% over all. Course the money is not available to me. But I don't need it either. Fact of the matter is a very small percentage of people pay the majority of taxes. Fact of the matter is politicians will always promise the world to the lower class but in the back rooms are always making deals with the wealthy to ensure that the rich always win. Here is what I propose. Call it the ShoeMoney FU tax act. Get rid of every single deduction. EVERYTHING. Everyone pays an equal percentage on all income earned. EVERYONE When you die you give up all your money Imagine how much money we would save with no IRS and no accountants trying to decipher and argue tax code. Just pay a flat percent on all tax earned. Imagine how our economy would keep humming if people can’t pass on millions/billions to their children. I have 2 little girls right now and the last thing I want to do is cripple them by giving them millions of dollars when I die some day. What I FOR SURE don’t want to do is give our government no more money. Since I have been old enough to notice they consistently waste money.