Tuesday, October 29, 2019
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?
* The TAX FOUNDATION has issued its “2020 State Business Tax Climate Index”.
Here are the 10 best state tax codes:
2. South Dakota
6. New Hampshire
Here are the 10 worst state tax codes:
49. New York
50. New Jersey
Once again, like Oliver Twist NJ is last on the list –
“New Jersey, for example, is hampered by some of the highest property tax burdens in the country, has the second highest-rate corporate income tax in the country and a particularly aggressive treatment of international income, levies an inheritance tax, and maintains some of the nation’s worst-structured individual income taxes.”
My new home state of PA is #29.
* New from Jason Dinesen of DINESEN TAX TIMES – “S-Corporation Loans from Shareholders, Or ‘My Dentist Told Me’”.
Worth repeating here is Jason’s “Closing Thoughts on Getting Tax Advice from Your Dentist” –
“I am amazed at how, in the tax field, there are so many ‘experts’ who are not tax professionals. This field is HARD, there are no easy answers and there is no pot of gold “magical tax strategy. I work with this junk every day (there goes my cynicism again) and I learn new things EVERY SINGLE DAY. And yet a person who doesn’t work with taxes at all is going to spout off about some grand strategy?
I mean, I don’t talk to my clients about their teeth, because I am not a dentist. So why does the dentist feel inclined to talk about taxes to his patients????”
* Spencer Wilson, EA explains “Employee Stock Options Can Be Taxing” at the interestingly named TAXBUZZ blog.
* Professor Annette Nellen suggests we just “Repeal the Kiddie Tax” -
“The tax law would be simpler and more equitable and neutral to just repeal the kiddie tax.”
I agree – from both a practical and a philosophical point of view. As a tax preparer I know too well that calculating the “Kiddie Tax”, under both the old and the new method, is truly a PITA.
THE LAST WORD –
I can understand if you support and defend true Conservative and traditional Republican policies. That is your right as an American. I accept and respect that. And in some areas, I actually agree.
But I cannot understand, accept or respect you if you support and defend Trump the man.
Trump the businessman is a proven con man – Trump University. He has committed his crimes, before and after being put in the White House, out in the open – gleefully and unapologetically. He is ignorant and incompetent. He is mentally and practically unfit to serve as President. Nothing is more obvious to anyone with a brain. Opposing and denouncing Trump is the only intelligent action.
BTW – Trump and his actions and policies are neither true Conservative or traditional Republican.