THE WANDERING TAX PRO
Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 45+-year veteran tax professional Robert D Flach.
Tuesday, September 19, 2017
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
As you are reading
this I am attending the National Association of Tax Professionals’ Tax Forum in
Atlantic City NJ.I will post on this
event when I return home.
In his guest post
Bob Meyers, “an Accounting Department
lecturer and runs the University of Wisconsin - Whitewater Volunteer Income Tax
Assistance (VITA) clinic”, suggests the Tax Code needs to be complicated
“We ask the U.S. income tax code to do a lot
of heavy lifting. We want it to raise revenue, control the economy, create
jobs, encourage and discourage certain activities, redistribute wealth, even
participate in the country’s health care system.”
But the US Tax Code SHOULD NOT be used to “control the economy, create jobs, encourage
and discourage certain activities, redistribute wealth, even participate in the
country’s health care system”!It’s
one and only purpose is to “raise revenue”.
Prof Meyer does say
“Maybe we could live with a tax code that
does not do so much controlling of the economy, changing social behavior, or
encouraging certain activities. This would allow us to get rid of many of those
confusing tax code provisions. I could get behind that proposal.”
“The reality is that Congress benefits from
the complexity. Lobbyists spend their largesse on Congress, and our
Congressional representatives are the beneficiaries. Maybe Congress will
surprise me. Being cynical, I doubt this will change.
I’d love to be surprised out of what emerges from
Congress (if anything). I suspect, however, that my cynicism is well placed.”