Itis almost December. When dealing withthe potential “fiscal cliff”, now is not the time to consider long-termissues.
Thefirst, and most important, thing to do ASAP is to extend the AMT patch throughthe end of 2012 (or, more better, through the end of 2013) so that theprocessing of 2012 tax returns and refunds are not delayed, and middle classtaxpayers are not hit with possible tax increases of between $3,000 and $4,000.
Thesecond thing to do is to extend all of the various tax benefits that willexpire on December 31, 2012, for one more year (through the end of 2013), andperhaps also the various popular “extenders” that expired on 12/31/11 alongwith the AMT patch (except for the 2% Social Security reduction). The reason for doing this is so that we do notbegin 2013 with uncertainty concerning proper withholding.
Thetime for considering serious long-term tax reform is January 2013, when the newCongress (which is really not that new) convenes. This is when legislators should beconsidering whether to do away with or limit various tax loopholes andexpenditures, and whether to raise or lower tax rates – while there is almost afull year before any tax legislation must be passed (not that they should waituntil the last minute, as has become the custom).
Congresshas wasted away 2012, and must be made aware that their actions, or ratherinactions, have consequences. They must putaside ridiculous partisan battling and consider the American people for achange.
TTFN
Hiç yorum yok:
Yorum Gönder