I strongly support a federal amnesty. Check out my post “Tax Amnesty” from September 2008.
*Speaking of amnesty programs, Kay Bell provides a “Tax Amnesty Alert: Massachusetts, Nevada and Pennsylvania” over at DON’T MESS WITH TAXES.
* And the “yellow rose of taxes” also brings us up-to-date on the status of the expired “extenders” in “Extenders Outlook from W&M Chair”.
Kay tells us that the goal, according to Ways and Means Chairman Sander Levin (successor to tax cheat Chuck Rangel), “is to complete work on extenders by the Memorial Day break”.
The need to annually, or every other year, renew a tax benefit is ridiculous. It is a continued reminder of the utter laziness of Congress. If a deduction is appropriate it should be permanent. If Congress changes its mind about the need for the deduction in the future it can always repeal it.
* Trish McIntire discusses a recent tax “simplification” proposal in her post “Tax Simplification – My. . . Eye” at OUR TAXING TIMES.
Her bottom line on the bill –
“If you want to simplify the tax code, simplify the confusing theory and not the forms. All you are doing is using smoke and mirrors to cover the increase in confusion you will be causing.”
* No BUZZ would be complete without an item from Joe Kristan of the ROTH AND COMPANY TAX UPDATE BLOG.
In “Taking Your Money and Giving It To Me = Tax Cut!” Joe points out that most of BO’s “tax cuts” were “tax subsidies for preferred constituencies”. As he explains, “That's the government grabbing your wallet, taking $20 out of it, giving five bucks to a bum, and then bragging about its generosity”.
* They like me! They really like me! Or so says Cate Newton in the following email –
“I’m writing to inform you that THE WANDERING TAX PRO has been featured on Guide to Online MBA’s Top Personal Finance Blogs list found here. We’ve gone through and hand-picked a list of our favorite personal finance blogs and outlined the unique reasons why we like them. We chose to add your blog to our list because it lots of advice, tips and resources on tax items, as well as tax information specific to the state of New Jersey.”
I am included under “The Ins and Outs of Taxes” category.
* And while I am tootin’ my own horn, Tax-Mama style, let me refer you to my tax tip at MainStreet.com titled “Hold On To Those Tax Records”.