Post #40 by bighairymike on the Tax Strategies board

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What's really annoying (and I know I've said this before, at least at TMF) is that the IRS already knows what you owe. All those entities (banks, brokers, etc) submit the paperwork to the IRS, and the IRS runs the numbers. Probably long before you file. That's why you sometimes get letters from them that you owe them, and they almost always specify the line and the error. - 1pg

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If you own a rent house or two, I don't think anyone is reporting that rental income to the IRS other than you when your file Schedule E. There likely are other examples.

And income alone does not get you to taxes owed. There are several necessary things that are not reported to the IRS, such as: filing status, number of dependents, and most of all "expenses of producing income". Your idea would have to address these issues or switch to taxing income only, sort of like a national sales tax, or flat tax.

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