Julio J. Vazquez: Eliminate tax loopholes

May 10, 2013 

Eliminate tax loopholes

Our state legislators want to eliminate personal and corporate income tax and replace it with taxes on currently untaxed services and increasing the sales tax rate. This should be a simple solution to the complexity of the current tax laws. Incorrect.

The currently “untaxed” services have the income tax embedded within the cost of the service. Will those prices go down when the income tax is eliminated? No. The new sales tax will be slapped on top of the services tax.

The only true way to simplify the tax code is to eliminate all the loopholes and determine what is a fair tax rate for personal income and corporate income and set those rates with no exceptions or exemptions that would provide enough revenue for the government to provide the infrastructure needed by today’s society.

Julio J. Vazquez

Raleigh

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