April 15 marks the dreaded tax day. Accordingly, Investor’s Business Daily featured a survey regarding the general public’s perspective on the current tax code. The accompanying graph depicts some of those results.
Over half of those surveyed indicated some type of preference for a new tax system (flat tax or inclusion of a national sales tax) to increase the fairness of the current code for all Americans. Similarly, nearly 40% of respondents indicated they consider their personal tax as being “too high.”
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None of that is surprising. However, it makes one wonder what the results might look like if those types of questions were asked of farmers and ranchers. That’s because the tax system looks very different for those filing a Schedule F, not to mention challenges around the inheritance tax.
So, what if you were asked about the “fairness” of the current tax code? How would you respond? Alternatively, what about your current tax payments – are they too high, too low, or just about right? If you believe the tax code needs to be changed, where would you start?
Leave your thoughts in the comments section below.
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