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    1040 Taxes Could Be Replaced by One-Cent Fees!
    1040 Taxes Could Be Replaced by One-Cent Fees!
    1040 Taxes Could Be Replaced by One-Cent Fees!
    Ebook93 pages2 hours

    1040 Taxes Could Be Replaced by One-Cent Fees!

    By Jeffrey Ross

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    About this ebook

    1040 culture—like it or not—exists because the United States government taxes personal income to raise trillions to fund the federal treasury. This amount will undoubtedly increase in the future—but so will American commerce and the GDP. The focus of this book will be how we can raise 3.5 or 5.0 or 6 trillion dollars efficiently and accurately while eliminating the unwieldy 1040 tax return process. The TFP plan, basically, is to “automatically” assess a 1 cent fee (.01 dollar) on all trackable transactions in the US (or related international transactions using American financial institutions). Say good bye to tax preparation, deductions, refunds, credits—this will be a pay-as-you-go system. Tax audits and tax-related stress will become history.

    LanguageEnglish
    PublisherRogue Phoenix Press
    Release dateFeb 21, 2018
    ISBN9781624203503
    1040 Taxes Could Be Replaced by One-Cent Fees!
    Author

    Jeffrey Ross

    JEFFREY ROSS is feared and revered for his appearances at celebrity roasts. In fact, making fun of people is a way of life for Jeffrey Ross. Called “an heir apparent to such old-school masters as Buddy Hackett and Rodney Dangerfield” by the New York Times, Ross has memorably and uproariously roasted many of America’s favorite stars. His first book, I Only Roast The Ones I Love: Busting Balls Without Burning Bridges will be released in September by Simon Spotlight Entertainment, a division of Simon & Schuster.           Jeff also stars in a popular Comedy Central stand-up DVD  and CD, “Jeffrey Ross: No Offense – Live From New Jersey”, as well as an award-winning documentary he directed about his experience entertaining U.S. troops in Iraq titled, “Patriot Act: A Jeffrey Ross Home Movie.” Jeff divides his time between New York City, Los Angeles, and the road.

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      Book preview

      1040 Taxes Could Be Replaced by One-Cent Fees! - Jeffrey Ross

      1040 Taxes Could Be Replaced by One-Cent Fees!

      Jeffrey Ross

      Preface by David S. Jones, BA

      With an Afterword by Jann M. Contento, PhD

      Published by Rogue Phoenix Press, LLP for Smashwords

      Copyright © 2018

      ISBN: 978-1-62420-350-3

      Electronic rights reserved by Rogue Phoenix Press, LLP. The reproduction or other use of any part of this publication without the prior written consent of the rights holder is an infringement of the copyright law. This is a work of fiction. People, locations, and business establishments, even those with real names, have been fictionalized for the purposes of this story.

      Smashwords Edition, License Notes

      This ebook is licensed for your personal enjoyment only. This ebook may not be re-sold or given away to other people. If you would like to share this book with another person, please purchase an additional copy for each recipient. If you’re reading this book and did not purchase it, or it was not purchased for your use only, then please return to Smashwords.com and purchase your own copy. Thank you for respecting the hard work of this author.

      Dedication

      To the Memory of my Grandparents:

      Dr. Ray H. and Virginia Reynolds

      and

      Samuel E. and Blanche M. Ross

      Four wonderful people who taught me the value of a dollar.

      Preface

      The American people have long been recognized globally for their great ability to innovate and motivate change. For the most part, this creative mechanism has been consistent in our daily lives, except perhaps when we assess our most powerful government agency – the IRS.

      Dr. Jeffrey Ross, a long-time English professor and published author, brings a unique and robust perspective to our current tired-- and tiered-- system of taxation.

      His approach is fresh and fascinating. This book takes you through a detailed, yet simplistic, array of solutions designed to minimize and eventually eliminate the overwhelming stress we all feel during the pre- and post-tax season.

      Ross is a pioneer. He shows no fear as he confronts this great challenge which faces our nation -- at the very least, his book will give you food for thought and, hopefully, promote a dialogue that will stimulate the final revolution for total tax reform.

      David S. Jones, Sales Executive

      BA, McGill University

      Introduction to the TFP System

      Since 1862, the Internal Revenue service has taxed personal income (of various types) to fund the federal government. (See Appendix A below for a brief history of the IRS). Each tax period has a certain flavor, so to speak, and the Code is typically reviewed, nuanced, and recast, but the information below succinctly describes the typical 1040 tax events and the massive numbers of individuals and amounts of money involved.

      During fiscal year 2014, the IRS collected almost $3.1 trillion in federal revenue and processed almost 240 million returns. About 65 percent of all returns were filed electronically. Of the 147 million individual income tax returns filed, 84 percent were e-filed. Over 116 million individual income tax return filers received a tax refund, which totaled over $330 billion. The IRS examined less than 1 percent of all tax returns filed. About 3 percent of all individual tax returns examined resulted in additional refunds (IRS.gov).

      Before the reader examines and analyzes the following text, you would be well served to jettison or dismiss whatever you think about the personal US income tax system. The accouterments of 1040 culture are so powerful, so intrinsically manifested in our society, it is difficult to imagine a world without refunds, credits, forms, the AMT, and tax season. My simple Google search generated 545,000 tax preparer hits in less than one second—and a similar search with key word phrase tax software 2016 generated over 9 million sites. Look at all the money spent, and made, on the mechanics of 1040 culture!

      The very subjective nature of tax preparation and filing should be considered, also. Take your taxes, even the simplest of 1040 EZ situations, to five different preparers, and you may very well receive different interpretations and refund (or payment) amounts. (For an example of the subjective nature of tax accounting and preparation, see an article such as A taxing challenge: Even experts can't agree when preparing a sample tax return (2007).

      My proposal provides for a general schematic which clearly demonstrates how 1040 tax revenue generation could be replaced by a simple and cost-sensitive transaction fee system.

      The notions of flat tax rates, regressive tax systems, and even fairness will not be part of this book’s working vocabulary. [See Appendix B below for a glossary of terms.] Tax reform is a popular topic among politicians and economists. With all due respect, most plans are only variations on the same old theme—income taxes. For example, Display 1 below contains basic outlines of the Rand Paul, Herman Cain, and November 2017 GOP Tax Reform plans.

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