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Keyword: taxcode

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  • Rumsfeld: 'I know I don't know' if my tax return was done accurately

    04/15/2014 5:09:17 PM PDT · by SeekAndFind · 32 replies
    The Hill ^ | 04/15/2014 | Blake Neff
    Former Secretary of Defense Donald Rumsfeld filed his taxes on Tuesday with an added twist: a letter telling the IRS that he had no idea whether his return was, in fact, accurate. “Despite the fact that I am a college graduate and I try hard to make sure our tax returns are accurate...I know that I do not know whether or not my tax returns are accurate, which is a sad commentary on governance in our nation's capital," Rumsfeld's letter reads.The letter’s phrasing appears to allude to Rumsfeld’s famous “unknown unknowns” statement in 2002, when he said, in reference to...
  • A Truly Absurd Tax Code Illustrates the Need for Rational Reform

    04/16/2014 6:52:44 AM PDT · by SeekAndFind · 7 replies
    RCM ^ | 04/16/2014 | Alex Brill
    Tax season is over for all but the greatest procrastinators among us. Two-thirds of taxpayers are celebrating their forthcoming refunds while tens of millions of others have grudgingly written a check to the IRS. Either way, this is the time of year when Americans are most acutely aware of the federal income tax system and all its flaws. Our tax code is extraordinarily difficult to navigate and it sometimes seems that it's more concerned with advancing social and industrial policy goals than raising the money needed to fund government. The plethora of preferential deductions and credits that narrow the tax...
  • Just 39% Think Federal Income Tax System Is Fair

    04/15/2014 7:28:17 AM PDT · by IBD editorial writer · 48 replies
    Investor's Business Daily ^ | 04/14/2014 | John Merline
    As millions of Americans rush to file their federal income tax returns on Tuesday, few will be thinking that the current tax code is the fairest one of all, according to the latest IBD/TIPP survey. Just 39% of Americans say today's income tax code — which features multiple tax brackets along with myriad deductions and exemptions — is the fairest. As to what sort of tax system would be more fair, the public hasn't made up its mind. Thirty-six percent say a flat tax is the fairest way to collect income taxes, while 19% would prefer a national sales tax....
  • G.O.P. Tax Plan Seeks Lower Rates and Fewer Brackets, Aides Say

    02/25/2014 2:51:02 PM PST · by Theoria · 23 replies
    The New York Times ^ | 25 Feb 2014 | ASHLEY PARKER
    The Republican plan to overhaul and simplify the nation’s tax code is expected to call for a cut in the top corporate income rate to 25 percent from 35 percent, and a reduction of the seven individual tax brackets to two — at 10 percent and 25 percent — according to aides familiar with the proposal. The proposal, which is set to be released Wednesday after nearly three years of behind-the-scenes work, is the brainchild of Representative Dave Camp of Michigan, the chairman of the Ways and Means Committee, and it reflects the long-held tax overhaul goals of the Republican-passed...
  • New U.S. 2014 Tax Regime is "Devastating," Experts Say

    12/30/2013 11:22:19 PM PST · by VitacoreVision · 18 replies
    The New American ^ | 30 December 2013 | Alex Newman
    A new IRS tax regime in 2014 will be devastating for the U.S. economy, and for millions of Americans working abroad, especially those in the middle class. New U.S. Tax Regime is "Devastating," Experts Say The New American 30 December 2013 Already facing “pariah” status worldwide due to onerous IRS requirements, millions of Americans living and working abroad are preparing to deal with a deluge of even bigger problems in 2014, when a byzantine new tax regime starts going into effect. Known as the Foreign Account Tax Compliance Act, or FATCA, the deeply controversial and incredibly complex scheme is...
  • For more jobs, fix the corporate tax code

    07/03/2013 7:34:27 AM PDT · by SeekAndFind · 3 replies
    Los Angeles Times ^ | 07/03/2013 | Yuri Vanetik
    The May jobs report shows that the American economy added 175,000 positions. Positive employment growth is welcome news, of course. But May's gains weren't big enough to make a dent in the national joblessness rate, which actually ticked up to 7.6%. Meanwhile, revenue at most U.S. companies continues to grow as firms expand operations and accumulate capital. Yet this progress hasn't precipitated a proportional expansion in hiring. This lag has long been a source of frustration on Capitol Hill. Perhaps yet another month of anemic job growth will actually jolt policymakers into action. The best way for Congress and the...
  • Reform The Tax Code

    06/06/2013 6:37:16 AM PDT · by Kaslin · 12 replies ^ | June 6, 2013 | Michael Reagan
    Jay Leno told his studio audience the other night that President Obama should forget his plans to close the detention camp at Guantanamo Bay and instead close the IRS. The applause was instantaneous and the laughs were loud and genuine. Most ordinary Americans would have whooped and hollered in favor of Leno's idea long before they learned the IRS has been caught targeting conservative political groups and wasting millions on moronic employee-training conferences. But the IRS is no joking matter. The average working American -- poor or rich or in-between -- hates and fears the IRS for good reason. Able...
  • The GOP and the IRS (Republicans are complicit in voting for more complexities in the tax code)

    06/05/2013 8:00:12 AM PDT · by SeekAndFind · 3 replies
    American Thinker ^ | 06/05/2013 | Steve McCann
    As usual, the Congress is all over a scandal after the fact. The hearings on the IRS fiasco are good theatre and admittedly necessary; but where were the Republicans, not only over the past three years that the IRS was targeting conservative groups, but over the past three decades as the more and more power was granted to this same agency -- an agency with the potential to be transformed into a de facto secret police. The Republicans were, by consistently agreeing to more complexities in the tax code and the need for stringent tax enforcement due to ever expanding...
  • James Pethokoukis: Fix, Don’t Flatten, the Tax Code

    05/28/2013 8:09:44 AM PDT · by SeekAndFind · 32 replies
    National Review ^ | 05/28/2013 | James Pethokoukis
    If the sluggish U.S. economy wasn’t reason enough for tax reform, the ongoing IRS scandal demonstrates how a devilishly complex tax code enables government mischief. But the flat tax — a longtime policy goal for many on the right — isn’t the realistic answer to either problem. Flat-tax advocates see headlines about an out-of-control IRS as a chance to put the idea back on the public-policy radar in way it hasn’t been since the 1990s. “This is why you need a flat tax,” Wall Street Journal economics writer Stephen Moore told Fox News recently. “If you get rid of two-thirds...
  • McCain Finds Rand Paul's Defense of Apple 'Offensive'

    05/22/2013 1:38:51 AM PDT · by BarnacleCenturion · 106 replies ^ | 21 May 2013 | MIKE FLYNN
    On Tuesday, KY Sen. Rand Paul launched a spirited defense of Apple, whose tax strategies were subject to a hearing of the Senate Permanent Subcommittee on Investigations. "I frankly think the committee should apologize to Apple," Paul said. Paul went on to accuse the committee of "bullying" one of America's greatest companies, prompting Sen. John McCain to quickly defend the inquiry and say that Paul's remarks were "frankly, offensive."
  • How the IRS Wrecked Your Pension: Don't blame the fund managers, blame the tax code.

    05/10/2013 8:37:00 AM PDT · by SeekAndFind · 2 replies
    Daily Beast ^ | 05/10/2013 | Megan McArdle
    This week, I had a piece in the magazine arguing that retirement is trouble. That's a golden oldie for those of you who've been reading a while; my favorite evergreen topic is haranguing my readers to save 15-20% of their income, or fer goshsakes at least 10%, towards retirement. (I mean it guys. You need to save more.) But this piece had an interesting peg: Republic Services, Inc. is in the middle of an epic battle with the Teamsters International over the pension plans that cover their workers. Up until recently, Republic teamsters have been covered by the rather notorious...
  • Fun with the U.S. Tax Code (74,000 Pages of Unintentional Comedy, and the Joke is on Us)

    04/12/2013 6:43:11 AM PDT · by SeekAndFind · 8 replies
    National Review ^ | 04/12/2013 | Deroy Murdock
    As the Monday, April 15, tax-filing deadline mercilessly approaches, millions of Americans will cry as they calculate what they owe Washington and then fork it over. But, amid those tears, there will be plenty of laughs. The U.S. Tax Code is so tangled and twisted that University of Florida law professor Steven J. Willis speaks amusingly about “tax humor.” While not exactly the stuff of stand-up routines, America’s surreal tax code is a masterpiece of dark comedy.When UF started its Graduate Tax Program in the College of Law, Willis recalls, “one requirement of the graduate school was knowledge of...
  • The Tax Code Is A Hopeless Complex, Economy-Suffocating Mess

    04/05/2013 7:20:50 AM PDT · by SeekAndFind · 13 replies
    Forbes ^ | 04/04/2013 | Bill Frenzel
    Throughout our population, experts and non-experts alike, the verdict is nearly unanimous. The U.S. tax code is a hopelessly complex mess, antithetical to growth, and is crammed with conflicting incentives, which screams for reform. But there is little agreement on how to repair it. My preferences are necessary, just, and ordained in heaven. Your preferences are unnecessary, unjust and counter-productive. Tax reform is the most difficult and complicated piece in the U.S. budget battle. It is integral to both the Republican House and the Democratic Senate budgets. As in every budget item, there is a conservative vs. liberal confrontation, but...
  • Rand Paul: Let’s get marriage out of the tax code

    03/14/2013 7:41:29 AM PDT · by SeekAndFind · 177 replies
    Hotair ^ | 03/14/2013 | AllahPundit
    This isn't news because it's novel for a Paul to be saying such things --- his dad once called for getting the government out of marriage on a GOP presidential primary debate stage --- but because of Rand Paul's growing prominence in the GOP. If he could rally a hawkish party to oppose the president's power to use drones against terrorists in certain circumstances, can he rally a socially conservative party to find an accommodation on gay marriage? Paul says foreign policy is an instrumental way to expand the GOP, but itÂ’s not the only way. Social issues are another...
  • Will Obama Reluctantly Buy Into Base-Broadening Tax Reforms That Also Lower the Rates?

    03/08/2013 2:42:16 PM PST · by Kaslin · 10 replies ^ | March 8, 2013 | Donald Lambro
    WASHINGTON - President Obama has been pleading with House Republican leaders lately to raise government revenues by overhauling the tax code to erase loopholes and other income exemptions. It wasn't an idea he campaigned on last year, though the chairmen of his deficit reduction commission proposed doing just that in a report he shelved. But they also wanted to use the higher revenues to offset lowering the tax rates in order to boost economic growth, jobs and investment, which in turn would boost tax revenues and reduce the deficits. But cutting tax rates doesn't play well with Democratic voters or...
  • Total Tax-Code Termination? (Reality Check: no sweeping reform will please both sides)

    01/28/2013 8:33:34 AM PST · by SeekAndFind · 6 replies
    National Review ^ | 01/23/2013 | James Pethokoukis
    It would be the ultimate fiscal cliff. A group of House Republicans wants to put an expiration date on the 75,000-page U.S. tax code. The Tax Code Termination Act would require the repeal of the entire code in 2017 — except for the bits dealing with Social Security and Medicare — with a new system ready to go for the following year. Of course, the U.S. economy would benefit from major tax reform that eliminated the current bias against investment, axed crony-capitalist tax breaks, and lowered marginal rates on individuals and business as much as possible. But Republicans can put...
  • The Consequences of Our Tax Code

    01/24/2013 4:22:42 PM PST · by Responsibility2nd · 12 replies
    My E-Mail Inbox | Tuesday, January 22, 2013 | My CPA
    Every year, I sit down with families who made a particular financial move, and as a result, some unforeseen -- and unintended consequence -- kicked in. This could be an unexpected tax event, it may have been a broken relationship, or a business failure. (All of which and more, by the way, is why you should be sure to ask us about tax PLANNING this year, rather than tax "reporting" -- which is what the tax return preparation process really is.) But sometimes these consequences are because of the tax code itself. Take marriage, for example. The foundations of most...
  • One Look At This Chart, And You'll Instantly Get Why We Can't Fix The Tax Code

    11/22/2012 10:52:52 AM PST · by SeekAndFind · 61 replies
    Business Insider ^ | 11/22/2012 | Joe Wiesenthal
    Hey, let's just simplify the tax code and eliminate loopholes.It's hard to think of any statement that on its surface sounds less controversial. Eliminating loopholes means more revenue. Everyone likes simplification. Efficiency!So why doesn't it happen?This fantastic chart from Credit Suisse's Neal Soss is the answer. It shows the top 20 biggest "Tax Expenditures" which cost the government over $900 billion in the 2012 fiscal year. Credit SuisseSo you want to simplify the tax code, what are you going to get rid of?Are you going to eliminate the incentive to provide employers health insurance? Are you going to get rid...
  • What Price ‘Fairness’? (Will an even more progressive tax code solve our debt problems?)

    11/20/2012 7:03:36 AM PST · by SeekAndFind · 2 replies
    National Review ^ | 11/20/2012 | Mona Charen
    Realistic Republicans understand that President Obama and the Democrats head into fiscal-cliff negotiations in a far stronger bargaining position now than in 2011. When voters were asked on November 6 whether they favored raising taxes to reduce the deficit, a total of 60 percent said yes (47 percent favored increasing taxes for those who earn $250,000 or more, and 13 percent approved tax increases for all). So taxes will be going up. As a matter of political strategy — not to say survival — Republicans will have to agree to raise taxes on those defined as rich. It’s more than...
  • The Politics of ‘free stuff’ and the 45% who pay no federal income taxes

    07/18/2012 10:47:51 AM PDT · by sickoflibs · 15 replies
    my rant | 7/18/12 | sickoflibs
    Obama and his fellow Democrats grow louder and more frequent for the top 5% (really the top 20%) who pay most of the federal taxes to ‘pay their fair share’ meaning even more taxes. But what about the 45 percent or so of our fellow citizens and legal residents who pay zero federal income taxes which that money is dedicated to pay for everything it does and that it gives away except retirement entitlements? With the government running the enormous deficits it is and candidates especially Dems promising more and more ‘free stuff’ to voters as Romney put it, this...
  • Chamber of Commerce: “America’s Byzantine tax code” (watch video)

    06/13/2012 4:59:57 PM PDT · by SeekAndFind · 3 replies
    Hotair ^ | 06/13/2012 | Erika Johnsen
    Beautiful. Emphasis mine:CLICK ABOVE LINK FOR THE VIDEO A competitive business environment is just as essential to innovation as well-functioning markets. In the enterprise states study, we have fresh evidence of how states are fostering economic growth and jobs through their innovation. What do successful states have in common? A tax and regulatory climate that allows companies to continuously innovate, unshackled by needless delays and burdensome costs. And states that maintain a good legal reform environment can also expect hundreds of millions of dollars or more in economic activity & tens of thousands of new jobs according to our study....
  • Illegal immigrant tax cheats? Time to simplify tax code

    05/14/2012 5:33:28 AM PDT · by cap10mike · 20 replies ^ | May 14, 2012 | Michael Dorstewitz
    Barely a day goes by that President Barack Obama doesn’t harangue us with complaints that we’re not all paying our “fair share.” Considering the fact that 47 percent of American households pay no federal income tax whatsoever, and that the top 5 percent of wage earners pay almost 59 percent of the total tax revenue, I agree with the president: There are those who are taking advantage of the Internal Revenue Code’s complexity. But it’s not the people the president has in mind each time he delivers his class warfare address. Indianapolis NBC affiliate WTHR recently uncovered a growing segment...
  • Tax Code Is Already Steeply Progressive

    04/11/2012 10:59:06 AM PDT · by 92nina · 10 replies
    ATR ^ | 2012-04-10 | Ryan Ellis
    What percent of all tax revenues do high-income households pay?   Income Tax All Federal Taxes Top 1% ($344,000 +) 39.5% 28.1% Top 5% ($155,000 +) 61% 44.3% Top 10% ($112,000 +) 72.7% 55% Lower Half ($32,000 -) 2.4% 2.6% Middle Quintile ($65,000) 4.6% 9.2% All Households 100% 100% What is the average tax rate paid by high-income households?   Income Tax All Federal Taxes Top 1% ($344,000 +) 19% 29.5% Top 5% ($155,000 +) 17.6% 27.9% Top 10% ($112,000 +) 16.2% 26.7% Lower Half ($32,000 -) 1.9% 9.6% Middle Quintile ($65,000) 3.3% 14.3% All Households 9.3% 20.4% IRS Statistics...
  • Repeal That Infernal Tax Code

    04/17/2012 5:28:08 AM PDT · by Kaslin · 73 replies ^ | April 17, 2012 | Paul Greenberg
    "April is the cruelest month. . . ."--T. S. Eliot, The Waste LandRonald Reagan said it back in 1983: "Our federal tax system is, in short, utterly impossible, utterly unjust and completely counterproductive . . . (it) reeks with injustice and is fundamentally un-American . . . it has earned a rebellion, and it's time we rebelled." But what politician today would speak so eloquently, and all too accurately, about the country's irrational, insufferable, infernal Internal Revenue Code? (Except maybe for purely ceremonial purposes during an election year.) Those in Congress who have made distinguished careers sneaking tricky little passages...
  • Glen Beck Called the Tax Code Something This Past Week and It was Perfect, Do you Remember the Word?

    04/15/2012 2:53:58 PM PDT · by Chickensoup · 40 replies
    04.15.12 | Chickensoup
    Glen Beck Called the Tax Code Something This Past Week and It was Perfect, Do you Remember the Word? Were you listening? He said this was the term that his accountants use to describe the tax code. The word was not: Evil or dispicable. It was a word that meant entrapment or get you. Please help out if you listened!
  • If you think the federal tax code and the IRS are out of control, you’re right!

    04/14/2012 11:52:32 AM PDT · by jmaroneps37 · 3 replies ^ | April 14, 2012 | Kevin "Coach" Collins
    It’s tax time again and once again we will be forced to knuckle under to our government’s demands. If you suspect there is plenty wrong with the current system, here are some facts to support your suspicions. The U.S. tax code is now 3.8 million words long. All of Shakespeare’s works are 900,000 words long. According to the National Taxpayers Union, U.S. taxpayers spend more than 7.6 billion hours complying with federal tax requirements. In 19 37 two pages of instructions came with a Form 1040; today 189 pages are necessary. There have been 4428 changes to the tax code...
  • America Is Europe

    04/08/2012 10:58:25 PM PDT · by neverdem · 14 replies
    NY Times ^ | February 23, 2012 | DAVID BROOKS
    (Excerpt) The U.S. does not have a significantly smaller welfare state than the European nations. We’re just better at hiding it. The Europeans provide welfare provisions through direct government payments. We do it through the back door via tax breaks. For example, in Europe, governments offer health care directly. In the U.S., we give employers a gigantic tax exemption to do the same thing. European governments offer public childcare. In the U.S., we have child tax credits. In Europe, governments subsidize favored industries. We do the same thing by providing special tax deductions and exemptions for everybody from ethanol producers...
  • An Uncivil Income Tax System

    04/05/2012 5:44:47 AM PDT · by Kaslin · 16 replies ^ | April 5, 2012 | Jeff Jacoby
    Each year in the United States, an estimated 6.1 billion hours are spent complying with the federal tax code. I'm pretty sure at least half of those hours are spent by me. With less than two weeks remaining before this year's tax returns are due, I've barely made a dent in my stack of forms, receipts, and instructions. Each year the prospect of doing my taxes looms more daunting and dismal than the year before. Each year I wonder where I'll find the time, never mind the patience, to get it done. Each year's tax ordeal seems to require more...
  • Warren Buffett: Criticism is 'ridiculous' (His point is -- tax code treats his secretary unfairly)

    01/27/2012 11:24:04 AM PST · by SeekAndFind · 23 replies
    Omaha World Herald ^ | 01/27/2012 | Steve Jordon
    Warren Buffett's secretary, after being pointed out on national television during Tuesday's State of the Union speech, now is facing criticism over her salary and second home. Debbie Bosanek and her boss both declined Thursday to disclose how much she's paid, saying it's private. In an interview with The World-Herald, Buffett also said none of the online guesses about Bosanek's salary is right, and the critics are missing his point. "I'm saying she is being treated unfairly in the tax code, as are tens of millions of others, compared to me," Buffett said. "They shouldn't change the rates on all...
  • Time to junk income taxes? (The 5 Principles that should guide us for a new tax code)

    01/07/2012 2:01:47 PM PST · by SeekAndFind · 9 replies
    Reuters ^ | 01/07/2012 | David Cay Johnston
    This is America’s 100th year for individual income tax, a system as out of touch with our era as digital music is with the hand-cranked Victrola music players of 1912. It is also the 26th year of the Reagan-era reform for both personal and corporate tax, a grand design now buried under special-interest favors. With U.S. elections in November, and the George W. Bush tax cuts due to expire at the end of 2012, it’s time for a debate that goes beyond ginning up anger over taxes and the superficial issue of tax rates. It’s time to consider whether to...
  • End of year brings significant tax implications for farmers

    12/29/2011 3:46:34 PM PST · by george76 · 7 replies
    Ohio State University ^ | Dec 28, 2011 | Andy Vance
    As 2011 draws to a close, so do opportunities for farmers to take advantage of certain provisions of the federal tax code.... "The ability for bonus depreciation is changing, so if you're looking to make capital expenditures, this is the year to do it," ... "You can depreciate 100 percent now, it will go to 50 percent next year, and after that it could go away completely depending on what Congress does." ... The other significant impending change to the federal tax code involves Section 179, which according to Marrison, works somewhat similarly to the bonus depreciation allowance.
  • Breaking the Back of the GOP Base

    11/19/2011 3:30:19 AM PST · by Kaslin · 73 replies · 1+ views ^ | November 18, 2011 | Hugh Hewitt
    There are three "keystone deductions" in the IRS code that matter more than all others to Americans who itemize deductions. They are keystone deductions because they help the middle and upper middle class and they promote extraordinarily important social policies which have long been at the center of the traditional values held by most Americans. The first is the deduction for contributions to qualified charities, such as hospitals, high schools and colleges, charities serving everyone from children to the homless to the old and infirm, and of course churches of every denomination. The second keystone deduction allows homeowners with mortgages...
  • The Subtle Genius of Herman Cain's 9-9-9

    10/14/2011 7:43:04 AM PDT · by taildragger · 61 replies
    10/14/2011 | taildragger
    I ran the following concept by a friend who's wife is a CPA and by extension lives the tax code :-), and was no slouch himself at college level accounting. He agrees with my following assessment, and Fellow Freeper's I'd like to get your thoughts as well...I think what Herman has done is brilliant, here is what I think it is....Herman splits the baby in half. 999 is both a Flat Tax and a Fair Tax via the sales tax component. Both Fair and Flat Taxers will never agree, but they both get enough of their plan to still put...
  • Herman Cain's 9-9-9 plan sounds good; but will it work?

    09/30/2011 8:50:12 AM PDT · by SeekAndFind · 58 replies
    Washington Examiner ^ | 09/30/2011 | Byron York
    Herman Cain's supporters know their part by heart. On the campaign trail, at the point in Cain's stump speech when he begins to discuss his plan for economic growth, they're always ready to join the chorus: "Nine! Nine! Nine!" They're referring, of course, to the Republican presidential candidate's proposal to throw out today's tax structure and replace it with a 9 percent income tax, a 9 percent business tax, and a 9 percent national sales tax. Cain would eliminate capital gains taxes, the payroll tax and the estate tax. For Cain, a Georgia businessman, 9-9-9 is a perfect platform. It's...
  • Obama may run Truman-style 2012 campaign

    08/16/2011 5:42:17 AM PDT · by markomalley · 35 replies
    Daily Caller ^ | 08/16/2011 | Neil Munro
    President Barack Obama is eyeing a 2012 campaign modeled on President Harry Truman’s 1948 successful re-election campaign against Congress. First, however, the White House will send to Capitol Hill an assortment of ‘economy-boosting’ legislation in a package that may include a major overhaul of the tax code. “I’ll be putting forward, when they come back in September, a very specific plan to boost the economy, to create jobs, and to control our deficit,” Obama told a friendly audience at a Decorah, Minnesota campaign-event on Monday. “My attitude is, get it done … [but] if they don’t get it done, then...
  • America's Tax System In Just 72,536 Easy Pages

    04/19/2011 6:47:25 AM PDT · by SeekAndFind · 6 replies
    Reason ^ | 04/19/2011 | Peter Suderman
    How many pages does it take to lay out the insanely complicated rules and requirements of our tax code? According to tax publisher CCH, the total number of pages devoted to federal tax code rules, IRS rulings, and regulations has grown to 72,536:It's no wonder that even the government's own experts and officials can't figure it out. Any system of rules that requires in excess 72,000 pages to explain and understand borders on useless. At this point it might as well be Calvinball. Via Cato's Chris Edwards.
  • Complex Inferiority

    04/13/2011 12:27:47 PM PDT · by Kaslin · 1 replies ^ | April 13, 2011 | Jacob Sullum
    This year, for the first time in more than a decade, I ventured outside the reassuring realm of TurboTax while preparing my return, looking for a late-arriving form at the IRS website. It's scary out there. Staring at bewildering forms and instructions, I flashed back to the days when I did my taxes by hand, based on my uncertain understanding of what was required, and hoped for the best -- "the best" being a future free of audits, interest on back taxes, liens, fines and prison. Although clever software has helped shield me from the infuriating, nerve-wracking complexity that the...
  • Tax inequity. Our tax code is one long, complex, contradictory mess.

    04/12/2011 6:17:19 AM PDT · by SeekAndFind · 63 replies · 1+ views
    Washington Times ^ | 04/12/2011 | Richard W. Rahn
    So you have just finished preparing your income taxes, but did you understand the tax code? If you said yes, you do not know what you do not know. The U.S. tax code has become so long, complex, contradictory and devoid of common sense that no one can fully understand it - and this includes tax professionals and Internal Revenue Service (IRS) personnel. Can honorable persons of good conscience harass, fine and even imprison their fellow citizens for an alleged violation of laws and regulations they themselves do not completely know? But that is a topic for another column. Tax...
  • Tax Plan Aims for 25% Cap

    03/17/2011 3:59:49 AM PDT · by xtinct · 86 replies
    WSJ - Politics ^ | 3/17/11 | JOHN D. MCKINNON
    The chairman of the House Ways and Means Committee wants to cut the top U.S. tax rate to 25% for individuals and corporations, and cut or eliminate many popular deductions. View Full Image Getty Images The tax-overhaul plan form House Ways and Means Chairman Dave Camp, left, would be designed to be revenue neutral overall. .The odds of quick action appear slender. But the move, from Rep. Dave Camp (R., Mich.), is significant as a marker in what will likely be a multiyear debate over revamping the tax code. The plan also provides Republicans with a position to pitch in...
  • ObamaCare Contains Crippling Changes to Tax Code

    05/01/2010 9:25:35 AM PDT · by K-oneTexas · 11 replies · 1,248+ views
    The New American ^ | 30 April 2010 | Joe Wolverton, II
    The existence of the ObamaCare provision that forces every American, regardless of income, ability or personal preference to purchase a qualifying health insurance policy has been well reported, little attention has been paid to a similar mandate that will be far more wide-reaching, far costlier, and far more destructive to the attempts by hard-working Americans to protect their wealth. The provision in question comes in the form of a few seemingly minor alterations to the tax code, specifically Section 6041 dealing with the reporting of income on Form 1099. The newly enacted amendments force business owners to send out millions...
  • Tax Complexity Adds Pain to Cash Drain (America has one of the world's most complicated tax code)

    04/13/2010 7:04:12 AM PDT · by SeekAndFind · 11 replies · 229+ views
    National Review ^ | 04/13/2010 | Deroy Murdock
    If the tax code were straightforward and simple, April 15 would be just another lovely spring date. But as April 15 approaches like an incoming monsoon, millions of Americans brace for the pain of writing checks to the IRS. Even worse, this annual discomfort begins even earlier, as taxpayers generate a cyclone of documents just to calculate their tax liability. America’s excruciatingly complex tax-compliance regime deepens the aggravation of sending hard-earned cash to Washington for virtual incineration by Congress. Completing tax forms required 7.75 billion hours of human labor in fiscal year 2008, according to the latest data. That...
  • 'Tis the Tax Season ( Time to think of voting for people who will SIMPLIFY our tax code )

    02/13/2010 8:48:16 AM PST · by SeekAndFind · 16 replies · 399+ views
    American Thinker ^ | 02/12/2010 | Cindy Simpson
    Yes, it's that time of year when most of us begin the arduous task of completing our 2009 income tax returns. I just received a tax-planning memo from my accountant highlighting the new tax credits available under the American Recovery and Reinvestment Act of 2009. Along with a listing and description of these credits, such as First Time Homebuyer, Energy Efficiency and Renewable Energy, and Alternative or Electric Drive Motor Vehicle, my CPA added this comment: I can't refrain from getting on the proverbial soapbox to point out that the Internal Revenue Code is no longer a body of tax...
  • How Taxes Pervert our Energy Choices

    10/06/2009 3:30:38 AM PDT · by Scanian · 9 replies · 598+ views
    The American Thinker ^ | October 06, 2009 | Joseph Somsel
    "The power to tax is the power to destroy." - Chief Justice John Marshall The US tax code is a marvelous and impressive intellectual structure. As an engineer I took a business class in taxation for corporations while getting my MBA. Engineering is the art of extracting utility from first principles of science and combining it with hard-won practical experience. I found, to my frustration, that taxation is not like that. Taxes are whatever Congress and the IRS say they are, logic or principle be damned. Tax codes are often written to support national goals, above and beyond mere revenue...
  • Streaming at 12:30: PERAB Meeting on Tax Reform

    09/30/2009 3:20:46 AM PDT · by Cindy · 3 replies · 345+ views ^ | WEDNESDAY, SEPTEMBER 30TH, 2009 AT 5:59 AM | Posted by Austan Goolsbee
    Note: The following text is a quote: THE BRIEFING ROOM • THE BLOG WEDNESDAY, SEPTEMBER 30TH, 2009 AT 5:59 AM Streaming at 12:30: PERAB Meeting on Tax Reform Posted by Austan Goolsbee Today, the tax subgroup of the President's Economic Recovery Advisory Board (PERAB) will hold a meeting to gather ideas on tax reform. It will be the first of several such meetings. The meeting will center on tax simplification and will be live streamed at I wanted to take the opportunity to explain why we assembled this subgroup, what areas the PERAB tax reform subgroup will focus on...
  • EDITORIAL: Obama's tax reform - It's all a matter of 'justice'

    04/17/2009 7:09:48 AM PDT · by Nevadan · 14 replies · 808+ views
    Las Vegas Review-Journal ^ | Apr. 17, 2009 | Editor
    Not even three months into his presidency, Barack Obama already has developed a nasty habit of making grandiose promises and proposals, doing precisely the opposite of what he says and celebrating his hypocrisy and insincerity as a policy triumph. Keep lobbyists out his administration? That lasted a couple of days. Lead a new era of fiscal responsibility? His agenda will run up budget deficits that George W. Bush couldn't have dreamed of. No tax increases of any kind for households earning less than $250,000 per year? He signed off on a huge cigarette tax hike that will pummel the poor....
  • Mending America’s broken tax code

    04/14/2009 5:53:55 AM PDT · by TigerLikesRooster · 14 replies · 546+ views
    FT ^ | 04/13/09
    Mending America’s broken tax code Published: April 13 2009 19:16 | Last updated: April 13 2009 19:16 The approach of tax-filing day on April 15 invariably lowers spirits in the United States. Many taxpayers expect a refund when they have finished their calculations, but even this does little to improve the mood. The system’s surreal complexity is enough to defeat candidates for senior positions in the Treasury, let alone Joe the Plumber. Struggling with it arouses the suspicion that the income tax code is chiefly an instrument of political repression – a reminder of who is in charge. Ceaseless meddling...

    04/01/2009 3:15:07 AM PDT · by Scanian · 3 replies · 662+ views
    NY Post ^ | April 1, 2009 | Dick Morris and Eileen McGann
    MORE than anything else, business needs a predictable environment if it is to create jobs. Changes in the regulatory environment and the tax code make it almost impossible for businesses to make investments. Yet President Obama seems to ignore this reality. Each day's news brings another bold and far-reaching proposal to change the fundamentals of the US economy. And each time he indulges his personal ideology with such a pronouncement, businesses all over the world cut back on their planned investment until the dust settles. Most incredible was the fact that he chose the middle of a deep recession to...
  • White House team to overhaul fiendish US tax code

    03/25/2009 12:02:16 PM PDT · by mnehring · 60 replies · 1,267+ views
    WASHINGTON (AFP) — The White House Wednesday announced a new task force headed by former Federal Reserve chairman Paul Volcker to reform the Byzantine US tax code in the hope of recouping billions in lost revenue. White House budget chief Peter Orszag said Volcker and four other top economists will report their recommendations back to President Barack Obama by December 4, and their review will cover three main areas. "One is tax simplification, the second is closing tax loopholes and reducing tax evasion, and the third is reducing corporate welfare," the director of the Office of Management and Budget told...
  • Top 5 False Claims From Obama’s Address to Congress

    02/28/2009 12:50:58 AM PST · by nateriver · 2 replies · 612+ views
    RFU ^ | Norquist
    “Let's take a look at the top 1 percent, the truly "evil" in the Obama-Pelosi-Reid worldview. According to the IRS, they earn about 20 percent of the income in America, but pay 40 percent of the income tax. The top 5 percent pay 60 percent of the income tax. The top 10 percent pay 70 percent of the income tax.”
  • Colorado ranchers pray for death of `death' tax

    02/21/2009 7:54:52 AM PST · by george76 · 41 replies · 1,211+ views
    Associated Press ^ | Feb 20, 2009 | ALYSIA PATTERSON
    For Dale Allee, a second-generation cattle rancher in southern Colorado, the idiom that nothing is certain but death and taxes is now a reality. "I just turned 80 last week. You know what that means? That means I'm not going to be around here very long, and somebody's going to have to pay those taxes," said Allee, who fears federal estate taxes will thwart his plans to pass his 4,200-acre Pueblo County ranch to his children. Land-rich but cash poor, Western ranchers are lobbying Washington to exempt them from the estate tax, which can force heirs to sell their inheritance...