Tuesday, July 31, 2018
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* Have you checked out my new non-tax blog – the return of THE LAKE REGION SOMETHING – yet? Why not?
BTW, a new “issue” will be posted tomorrow morning (August 1st).
* Since the passage of the GOP Tax Act I have been saying that many states whose state tax system follows the federal will benefit “huuuugely” from the changes to federal tax law in the Act. Over at the TAX FOUNDATION Katherine Loughead reports that “Five States Accomplish Meaningful Tax Reform in the Wake of the Tax Cuts and Jobs Act”.
New Jersey, Pennsylvania and New York are not among the five. But New Jersey and Pennsylvania do not follow the federal format and really does not benefit from the GOP Tax Act changes.
* Let me educate you – on how to be a successful tax planner. Check out THE NATIONAL TAX PLANNING NETWORK.
* Kay Bell, the yellow rose of taxes, suggests “Capital gains indexing would mean more tax savings for long-term investors” at DON’T MESS WITH TAXES.
I do not support indexing capital gains. What I would like to see indexed is the $3,000 maximum annual capital gain deduction. It has been $3,000 for decades. And I would like to allow excess capital losses to be carried back as well as carried forward.
* Third try – third failure. ABC NEWS reports “IRS losing money on targeting debts of low-income earners”.
“The IRS spent $20 million on private debt collectors who ultimately collected just $6.7 million, according to a report from the Taxpayer Advocate, the agency’s in-house watchdog.”
Forcing the IRS to use outside collection agencies is just more proof that the members of Congress are idiots. As I have said before, they apparently believe that if something doesn’t work you should keep doing it.
* An ambitious and extensive post from Mike of BUDGET KITTY - “How Does A 401k Work (In Plain English)”
THE FINAL WORD
A quote from one of Clint Eastwood’s Dirty Harry movies – Harry’s response to an arrogant superior officer – sums up the essence of Donald T Rump.
“You’re a legend in your own mind.”