Sorry
for the lack of posts – I have been busy organizing my new home office
*
Margaret Carlson of Bloomberg News talks about a special group of idiots among
the idiots in Congress in “Tea Party Intransigence Could Cripple Congress” at
SILIVE.COM.
I
like how she begins -
“Wave goodbye to members of the House of
Representatives.
Doing nothing has
taken a lot out of them, so they have left Washington for five weeks of rest,
relaxation and campaigning in the hope that voters will return them to office
to do more of the same.
This is especially the
case for the large Tea-Party contingent among the several score first-term
Republicans. They set out to change Washington but settled for simply
paralyzing it.”
Whoever
you decide to vote for in November, DO NOT vote for any Tea Party candidates.
*
Kay Bell outlines Vice Presidential candidate Paul Ryan’s tax plan in her post
“Ryan vs. Romney on Taxes” at DON’T MESS WITH TAXES.
Ryan
on 1040s -
“10 percent rate on income up to $50,000 for
single filers and $100,000 for joint filers; 25 percent on taxable income above
these amounts. Eliminate most tax deductions, credits and exclusions but
increase the standard deduction and personal exemption amounts. Taxpayers also
would have the option to use existing tax laws if that provided a better filing
result.”
He
also proposed – “No taxes on any
investment earnings regardless of taxpayer's income”.
And,
of course, repeal the dreaded Alternative Minimum Tax.
I
would support the simplification portion of Ryan’s 1040 proposals, and, of
course, repealing the dreaded AMT. I
still cannot for the life of me understand why taxpayers should have the option
of using the existing mucking fess system as an alternative to the simpler
one. This makes absolutely no sense –
and continues the problems of complexity.
I also do not support eliminating all taxes on investment income.
Kay
points out that –
“Initial word from the Romney camp is that
presidential wannabe is not planning to embrace either Ryan's Medicare or tax
plans in the push for the White House.”
*
Kay also has a good “Paul Ryan Potpourri”.
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And TAXPRO TODAY tells those who are concerned not to worry – “Ryan Plans to Release Two Years of Tax Returns”,
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A great "tweet" by fellow tax pro John Sheeley -
“I am sure that Mitt Romney pays a lower
income tax than most of us. Except for
the 50% who don't pay any tax.”
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Trish McIntire makes a plea for taxpayers to “Stop Extension Procrastination”
over at OUR TAXING TIMES.
*
Jason Dinesen continues his series of “One Taxpayer’s Identity Theft Saga” at
the DINESEN TIMES.
I
am waiting for his follow-up post on the CPA vs RTRP issue.
*
Kim Kislak’s “Tuesday Tax Tidbit” at KISLAK TAX AND NOTARY SERVICE’S BLOG reminds
us that 2012 is the last year that the threshold for deducting medical expenses
on Schedule A is 7½%.
Thanks
to the health care reform bill – “Beginning
in 2013, taxpayers will need to exceed 10% of their adjusted gross income
before their medical expenses are deductible”.
So
you may want to grab as many medical expenses as possible before year-end.
*
Roger Russell reminds us that 2012 is “A Tax Year Like No Other” at TAXPRO
TODAY.
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You do know that if you need a tax news fix between BUZZ installments you can
always check out Joe Kristan’s daily “Tax Roundup” at the ROTH AND COMPANY TAX UPDATE
BLOG.
*
Jean Murray warns us about the “Latest Spam Email - NOT From the IRS” at
ABOUT.COM: US BUSINESS LAW/TAXES.
*
The TAXPAYER ADVOCACY PANEL says – “We
want to hear from you! Speak up! Share your suggestions for improving IRS
processes and customer service”.
Click
here to submit your suggestions.
TTFN
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