[concerned about politics]

IRS deems that the motive of the taxpayer

Oh great. That means Oboma gets to pick a mind reading Czar. Will the madness never end?

[businessprofessor]

Here is another gem in the bill:

Application of “More Likely Than Not” Rule (Page 357): Publicly-traded partnerships and corporations with annual gross receipts in excess of $100 million have raised standards on penalties. If there is a tax underpayment by these taxpayers, they must be able to prove that the estimated tax paid would have more likely than not been sufficient to cover final tax liability.

These firms will have to justify that some unlikely event caused estimated taxes to not be sufficient to cover tax liabilities. This provision is just an excuse for forcing companies to provide interest free loans to the government.

These provisions are bad news for capital formation. Capital flight and much lower private investment will be accelerating. Why should anyone invest here? The rats want to confiscate your profits and wealth.

[top 2 toe red]

Frightening , but funny!

[Lmo56]

IRS deems that the motive of the taxpayer Oh great. That means Oboma gets to pick a mind reading Czar. Will the madness never end? What about Karnak the Magnificent ??? I hear that Johnny Carson isn't doing very much these days ...