Socrates Asks #2 – IRS…

Socrates Asks #2 – IRS & Futuristic Tax Collections/Thinking

I’ve been pondering this all year, so your feedback would be much appreciated as I am trying to incorporate this philosophical question into a project. Not my project by project, I mean not for profit and larger than I.

I can’t Google questions like this but I know I am surrounded by some of the smartest people private and public that could assist through this Gordian knot.

I’ll admit I DID NOT follow all of the presidential run, nor read all their tax plans, but I do remember some folks “contestants” running on the platform that they were going to eliminate the IRS or the tax code and come out with a simplified system. I’ve noticed this isn’t the first time that people have tried to do this or incorporate this type of thinking.

So I present to you 2 what if’s – ??

1. Why simplify what complex quality tax software can already simplify?

2. Why are tax deductions incentives to be workaholics?

I think #1 to be pretty self-explanatory.

However I would like to elaborate on #2.

Charitable donations. Why is the incentive to stay late and make more money only to then make donations to receive charitable deductions?

What if? What if, there were also tax deductions for charitable donations that involves people’s time?

What if, there were also tax deductions for charitable donations that involves people’s time?

This is a more complex question than when I first envisioned, and maybe I’m not the 1st or last to bring this up. I think that the nice parts of adjusting the tax incentives to allow contributing one’s time on some of a phased-out dollar-for-dollar system is vital for men/women from our communities and families that all could benefit from this and more time together.

So far the verbal feedback from giving little impromptu speeches at places such as my local 7-Eleven are: “Well I volunteer my time for free, why would I want to get a receipt for the time spent volunteering?”

Would less people all over lose their/my love volunteering if their finances were involved?

Somebody is going to say this volunteer’er is only here for profit! They are an impostor and not a volunteer at all! ? Who cares! A donation is a donation, they still would have made but now we see them face-to-face and we know their time equals money is not being squandered.

It’s premature to offer details on a project proposal of which I’m still working on but I would appreciate any guidance or mentorship private messages comments below will be greatly appreciated.

Happy Sunday Funday and Enjoying Beautiful Maryland today!

Sincerely,

Steven M. Heizmann, CPA, CGMA

stevenheizmann@gmail.com