Wednesday, August 15, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
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”.
* And TAXPRO TODAY tells those who are concerned not to worry – “Ryan Plans to Release Two Years of Tax Returns”,
* 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.”
* 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.
* 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.