* Read about “The Dumbest Tax Loophole In America: The Florida Rent-a-Cow Scam” by JordanWeissmann of The Atlantic.
* The Tax PolicyCenter looks at “The Romney Plan (Updated)” – Mitt’s revised tax proposals.
“Governor Romney would permanently extend allthe 2001 and 2003 tax cuts now scheduled to expire in 2013, repeal the AMT andcertain tax provisions in the 2010 health reform legislation, and cutindividual income tax rates by an additional 20 percent. He would also expandthe tax base by cutting back tax preferences, but has supplied no informationon which preferences would be reduced. Tax provisions in the 2009 stimulus actand subsequently extended through 2012 would expire. These include the AmericanOpportunity tax credit for higher education, the expanded refundability of thechild credit, and the expansion of the earned income tax credit (EITC). Theplan would also eliminate tax on long-term capital gains, dividends, andinterest income for married couples filing jointly with income under $200,000($100,000 for single filers and $150,000 for heads of household) and repeal thefederal estate tax, while continuing the gift tax with a maximum tax rate of 35percent.2
The plan would reduce the six current income tax ratesby one-fifth, bringing the top rate down from 35 percent to 28 percent and thebottom rate from 10 percent to 8 percent. The accompanying repeal of the AMTwould increase the tax savings from the rate cuts—without that repeal, the AMTwould reclaim much of the tax savings.
The plan would recoup the revenue loss caused by thosechanges by reducing or eliminating unspecified tax breaks, thereby making moreincome subject to tax. Gov. Romney says that the reductions in tax breaks, incombination with moderately faster economic growth brought about by lower taxrates, will make the individual income tax changes revenue neutral comparedwith simply extending the 2001 and 2003 tax cuts. He also promises that low-and middle-income households will pay no larger shares of federal taxes thanthey do now.”
* FOX NEWS, not myfirst source of information, reminds us that “Taxmageddon Coming? Answer Could Cost Americans $500 Billion”.
Hodge identifiesthe problem, caused, of course, by the idiots in Congress - "Almost the entire tax code has been put on ayear-to-year lease, and in some cases, month-to-month lease, which is no way torun a tax system".
He also voices theopinion of many, myself included - "It'smy guess that nothing will happen on any of these issues until after theelection”.
Actually I expectthat the idiots in Congress will extend the current Tax Code for one more year.
* Joe Arsenault gives a good overview of “What to do When a Family Member Dies” at CAFÉ TAX.
* Prof Jim Maule tells us about “Another Bad Tax Return Clutter Idea” at MAULED AGAIN, and goes into detail on just why it is abad idea.
And in his introductory paragraph he reminds us –
“Much ofwhat contributes to this aspect of tax complexity is the use of the tax law asa substitute for direct spending programs and use of the IRS as a substitutefor other federal agencies that ought to be charged with administering programsin their respective areas . . . . . using the tax law and the IRS in this manner is inefficient,ineffective, and deceptive”.
* WhileI was on “hiatus” Joe Kristan filled the BUZZ void with his “Tax Roundup”series. Check out some of what we bothmissed during the season.
* Kay Bell, theyellow rose of taxes, reminded us that Tax Freedom Day 2012 fell on Tax Day –the 2012 filing deadline of April 17th – in her post “Happy Belated Tax Freedom Day 2012” at DON’T MESS WITH TAXES.
TTFN
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