Uh I think that would be $70,000.

You forget the 10% processing fee that the gov't charges to permit us to pay taxes!!:p

D'oh! I'm missing 10k somewhere.

MBUSA stole it.

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You don't need a weatherman to know which way the wind blows - Robert A. Zimmerman

Since the president has called for simplification of the tax code, is it time to revisit this idea?

Or will it be impossible given the substantial lobbying power of the accountants and tax preparers of the country?

And, is tampering with the mortgage interest exemption another political "third rail?"

http://money.cnn.com/2005/11/03/pf/taxes/deduction_numberes/?cnn=yes

I know who SHOULD be paying the most taxes......and its not me.

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Proud owner of ....
1971 280SE W108
1979 300SD W116
1983 300D W123
1975 Ironhead Sportster chopper
1987 GMC 3/4 ton 4X4 Diesel
1989 Honda Civic (Heavily modified)
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Section 609 MVAC Certified
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"He who fights with monsters might take care lest he thereby become a monster. And if you gaze for long into an abyss, the abyss gazes also into you." - Friedrich Nietzsche

From 1791 to 1802, the United States government was supported by internal taxes on distilled spirits, carriages, refined sugar, tobacco and snuff, property sold at auction, corporate bonds, and slaves. The high cost of the War of 1812 brought about the nation's first sales taxes on gold, silverware, jewelry, and watches. In 1817, however, Congress did away with all internal taxes, relying on tariffs on imported goods to provide sufficient funds for running the government.

Ah, the good old days . . . ('scept the slavery part)

In 1862, in order to support the Civil War effort, Congress enacted the nation's first income tax law. It was a forerunner of our modern income tax in that it was based on the principles of graduated, or progressive, taxation and of withholding income at the source. During the Civil War, a person earning from $600 to $10,000 per year paid tax at the rate of 3%. Those with incomes of more than $10,000 paid taxes at a higher rate. Additional sales and excise taxes were added, and an “inheritance” tax also made its debut.

War is hell . . .

In 1868, Congress again focused its taxation efforts on tobacco and distilled spirits and eliminated the income tax in 1872. It had a short-lived revival in 1894 and 1895. In the latter year, the U.S. Supreme Court decided that the income tax was unconstitutional because it was not apportioned among the states in conformity with the Constitution.

Happy days are here again . . .

In 1913, the 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The amendment gave Congress legal authority to tax income and resulted in a revenue law that taxed incomes of both individuals and corporations.

Damn you, 16th Amendment from hell . . .