Wednesday, December 22, 2010


* Scott Hodge of the Tax Foundation hits the nail on the head with his comments on the recently passed Tax Act in his comments as part of the news release “Tax Foundation Experts on Passage of Obama Tax Package”. The highlight is mine.

The passage of the compromise tax plan hardly warrants Champagne and balloons. To be sure, taxpayers were spared a massive tax increase, but all that lawmakers have done is effectively locked in the status quo for another two years. Except for the temporary two percent payroll tax cut, taxpayers will wake up on January 1st no better off than they are today. Indeed, the tax code will remain as complicated and Byzantine as it has ever been.

The worst aspect of the deal is that it guarantees that taxes will continue to be a political football for the next two years. Starting a year from now, when the temporary payroll tax cut expires, we’ll have another debate over preventing a “tax hike” on working families. This will be followed by the 2012 debate over extending the Obama tax compromise plan.

The best outcome of this compromise deal is that it spurs an honest debate over fundamental tax reform. I hope President Obama is sincere in his recent comments about overhauling the tax code. As Ronald Reagan showed in 1986, substantive tax reform is impossible without presidential leadership

* Joe Kristan’s “Digging to the Bottom of the Stocking” provides links, BUZZ-like, to the tax blogosphere coverage of the recent Tax Act over at THE ROTH AND COMPANY TAX UPDATE BLOG.

* And TAX PRO Paul Caron gives lots of more links in “President Obama Signs Tax Package Into Law”.

* TAX GIRL Kelly Phillips Erb tells us “Poll Suggests Most Americans Happy With Tax Deal”. According to a CNN poll three in four of those polled said that they favored the bill.

* Have you been following Kelly’s “12 Days of Charitable Giving” series? One charity that deserves your support is the Canine Adoption and Rescue League.

* I must add Rob Tueber’s “Friday's Tax Quote - December 17, 2010” from his TAX LAW FORUM blog to my list of tax quotes –

People don’t complain about taxes because they are selfish or stingy. They complain because they simply don’t believe they’re getting their money’s worth.” - Zell Miller

* Russ Fox, who I profile this coming Friday, tells us “Nominations Due for 2010 Tax Offender of the Year” over at TAXABLE TALK.

To be considered for the Tax Offender of the Year award, the individual must do more than cheat on his or her taxes. It has to be special; it really needs to be a Bozo-like action or actions.”

Go to Russ’ post to make your nomination.

* Lots of good stuff at Bruce’s “Week in Perspective” at THE MISSOURI TAX GUY, as usual. This is the last WIP for 2010.

* YAHOO FINANCE brings us “The 10 Worst States for Retirees” – and, of course, New Jersey is on the list at #5.

Illinois, California, New York, Rhode Island, New Jersey, Ohio, Wisconsin, Massachusetts, Connecticut and Nevada are the ten worst, according to, “because of three factors: fiscal health, taxation, climate”.

* Kay Bell talks about a unique new website in her post “IRS Doghouse Let’s Taxpayers Bite Back” at DON’T MESS WITH TAXES.

The website bills itself as "the world's first and only database of anonymously publicly generated reviews of IRS personnel."

* Some good news, as NPR reports “New Chairman Of House Tax Panel Seeks Spending Cuts”.

The incoming chairman of the House committee {Republican David Camp – rdf} that oversees the nation's tax laws says government spending must be reduced as part of efforts to reform the tax code.”

According to Camp - "I think we have to reform our complex, burdensome tax code. It's 10 times the size of the Bible with none of the good news."

There will be no BUZZ on Saturday – Christmas Day. BUZZ will return next Wednesday.


No comments: