Wednesday, November 28, 2012
WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – WEDNESDAY EDITION
I am in New Jersey today (Wednesday) attending the annual NATP year-end tax update seminar (which includes the required 2 hours of ethics preaching). I will post items of interest gleamed from the seminar here on Thursday and/or Friday.
* The idiots in Congress have done nothing towards avoiding “taxmageddon” yet. It looks like action on the “fiscal cliff” will not take place until December (if even then).
Stan Collender warns “Don't Believe the Reports of Progress on the Fiscal Cliff” at STAN COLLENDER’S CAPITAL GAINS AND GAMES –
“In spite of what you may be reading elsewhere, we are no closer today to avoiding the fiscal cliff than we were the day after Election Day.”
* A great, and especially appropriate, quote on taxes –
“Taxation with representation ain't so hot either.” ~Gerald Barzan
* David Wessel does us the service of “Putting Some Facts in the Tax-the-Rich Debate” at the Wall St Journal’s WASHINGTON WIRE.
* Professor Annette Nellen talks about “Tax Reform and Base Broadening” at 21st CENTURY TAXATION.
* No surprise here. Charles Babington of HUFFINGTON POST tells us “The old adage, ‘Don't tax thee, don't tax me, tax the man behind the tree’ was never more in vogue” in "INFLUENCE GAME: Tax Them, Not Us, Groups Say” -
“In Washington, meanwhile, it's virtually every group for itself, scrambling to protect 100 percent of each tax break and government payout it now enjoys.”
As I have said before, just about every idiot in Congress is for tax reform and cutting “tax expenditures”, except for the ones they sponsored. And just about every taxpayer wants to close “tax loopholes”, except the ones that benefit them personally.
It reminds me of another good tax quote –
“A tax loophole is something that benefits the other guy. If it benefits you, it is tax reform.'' — Russell B. Long.
* Kay Bell considers “Employee vs. Contractor: A Tax Distinction” at her BANKRATE.COM blog.
* The CCH daily tax headline e-letter reports that another voice has joined the bandwagon in “Bernanke Warns Against Going over Fiscal Cliff”.
“The U.S. economic recovery could stall in 2013, unless lawmakers and the White House can agree on a solution to the so-called fiscal cliff of across-the-board spending cut and expiring tax breaks, Federal Reserve Chairman Ben Bernanke said.”
* A SANDY relief development – NJ residents affected by SANDY may apply for one-time Disaster Food Assistance. Click here for more info.
* Trish McIntire offers some timely tax advice with “Document Your Holiday Giving” at OUR TAXING TIMES.
One good point to remember –
“All the small gifts you make, like cash into the Salvation Army bucket, won’t be deductible unless you write them a check or get a receipt. You may have the best intentions but there is no deduction without some documentation.”
* Let me share some “Shameless Self Promotion” from Russ Fox of OUR TAXING TIMES. And from TAXGIRL Kelly Phillips Erb in “Roll Out the Red Carpet: It's Awards Season”.
* Joe Kristan gives us some “Thoughts on a More Business-Friendly Tax Law” at the ROTH AND COMPANY TAX UPDATE BLOG.
Good thoughts all. Especially –
“Remove big penalties for foot-fault violations.”
And most important of all –
“Whatever you do, make it simple.”
These thoughts would also apply to individual tax law as well.
THE FINAL WORD
I hate to sound like a broken record, but . . .
To BO and the idiots in Congress-
Now is not the time to debate tax policy and changing tax rates. It is too late – you wasted an entire year!
Just get off your fat arses and extend everything as is (including the expired “extenders” and AMT patch) through the end of 2013, and start next year off with a serious discussion of the various tax reform options to take effect January 1, 2014.
And stop acting like babies – learn to compromise!