* Must I remind you again to check out the MISSOURI TAX GUY’s “Week in Perspective”?
* If at first you don’t succeed . . . According to a Senate Finance Committee press release “Baucus to Introduce Bill to Repeal Form 1099 Income Reporting Requirements for Small Businesses”.
* Janet Novack tells us that, although there is no increase in Social Security benefits or the basic Medicare Part B premium, “Higher Income Seniors Hit with Medicare Doctor and Drug Premium Hikes For 2011” in her TAXING MATTERS blog at Forbes.com.
* And Janet talks about “Names You Need To Know in 2011: Tax Expenditures” in another post.
What are “tax expenditures” – “the term covers dozens of special provisions—everything from the earned income, child, college and research and development tax credits; to the deductions for mortgage interest, charitable contributions and state and local taxes; to the exclusion of employer provided health insurance from the taxable income on your W-2; to the special lower rate for long term capital gains.”
The article provides several sources that agree with me (that many of them do not belong being administered in the Tax Code) on the subject –
“. . . the Peterson-Pew Commission on Budget Reform released a report proposing that Congress get control of tax expenditures by treating them as “entitlements”, incorporating them in the annual budget process and subjecting them to proposed spending caps.”
“And, as a matter of policy, many of them don’t work very well or can’t be effectively administered by the IRS, they make the tax system more complex, and are unfair, so there’s ample good-government grounds to scale them back.” Len Burman (a Treasury official during the Clinton Administration, and now the Daniel Patrick Moynihan Professor of Public Affairs at the Maxwell School of Syracuse University).
* Joe Arsenault discusses some “Roth Conversion Planning Ideas” at CAFETAX.
* Beans, beans, good for your heart. And, in this case, also good for your head - when they are “BlogRoll Beans”, presented by the previously mentioned Joe Arsenault.
One of the items in this edition of the Beans tells you what John Grisham, Mick Jagger, Janet Jackson, Bob Newhart, and J.P. Morgan have in common. And, oh yeah, TWTP is also represented. Thanks, Joe!
* Joe Kristen brings us up-to-date on the soap opera of tax cheat Chuck Rangel in his post “Sorry Charlie” at the ROTH AND COMPANY TAX UPDATE BLOG.
The fact that this crook was easily re-elected (with, did I read correctly, 80% of the vote!) says a lot about the intelligence, or lack thereof, of the cafones in his constituency.
I thank God regularly that Rangel is no longer chairman of the House Ways and Means Committee.
I agree with Joe that the crook’s punishment will be minimal. Congress tried to impeach Bill Clinton for having done what many of them also did, but did not get caught at, yet they won’t impeach a member for actually breaking the law and cheating the American taxpayer.
* Wait – breaking good news! According to “House Ethics Panel: Rep. Rangel Violated Rules” from yahoo news –
“Rep. Charles Rangel, once one of the most influential House members, was convicted Tuesday on 11 counts of breaking ethics rules and now faces punishment.”
* A “tweet” from NATP reports “The U.S. Railroad Retirement Board (RRB) has announced that the Tier I & II taxable wage bases and tax rates will remain the same in 2011.”