From the category archives:

fix the tax code friday

It’s Fix the Tax Code Friday!

Buoyed by the popularity of the Cash for Clunkers program – and the perceived success of the First Time Homebuyer’s Credit – Congress is considering whether to extend both programs in 2010.

Various bills suggest extending the homebuyer’s credit from six months to a year – and even increasing the amount of the credit to $15,000. And as China, France and Germany each consider extending their version of the Cash for Clunkers programs, some members of Congress are thought to be eying a second version of the plan.

So today’s Fix the Tax Code Friday question is:

Should Congress extend the first time homebuyer’s credit or re-introduce the Cash for Clunkers program? Both? Neither? Speak up, I can’t hear you!

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The IRS crackdown on foreign accounts has been generating a lot of discussion in the blogosphere. Some folks argue that it’s a waste of resources, others argue that it’s been a long time coming.

Today’s Fix the Tax Code Friday question is:

Is the targeting of offshore accounts a fair use of IRS resources? Or should the IRS focus more on collections and reporting inside the US?

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It’s Fix the Tax Code Friday!

Over at Only3Years, Iz contemplated the question of where she might be a year from now. The more I thought about this, the more I thought that it would make a superb Fix the Tax Code Friday…

I’m constantly asked what I think will happen with respect to a number of tax items such the AMT, the federal estate tax and most recently, tax rates for those making more than $250,000. These are great topics to speculate on – especially with a significant election year looming.

So this week’s Fix the Tax Code Friday question is:

What changes – if any – do you expect to see made to the Tax Code by this time next August? Federal estate tax repeal? Health reform surtax? VAT or national sales tax? Tax cuts or tax increases?

I promise no “I told you sos” come next year. (Umm, well depending on who you are… I reserve the right to beat up on my fellow tax pros. It’s like our own Fantasy League.)

But I’m dying to know what you think… Go ahead, chime in!

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This week, there’s been a considerable focus on a number of proposed “sin taxes” including those on soda, cosmetic surgery and plastic bags. In theory, sin taxes are meant to prevent certain kinds of behavior – whether or not they accomplish it is a whole other story.

I realize that nobody wants to pay extra taxes. So, putting aside for a moment the question of whether you want to pay extra taxes, let’s focus on policy. Assuming that we’re going to continue to have sin taxes (which is a pretty good assumption), think for a moment about the policy behind the taxes. With that in mind, today’s Fix the Tax Code Friday question is:

When it comes to sin taxes, is it more fair to tax behaviors that affect only yourself (like cosmetic surgery) or behaviors that affect others (like using plastic bags)?

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Fix the Tax Code Friday: Cuts Versus Tax Increases

17 July 2009

This week, both the feds and states have been struggling with the idea of balancing the budget by making cuts or increasing taxes. Today’s Fix the Tax Code Friday question is:
If you had to choose, would you rather see tax increases or spending cuts? If “spending cuts” is your answer, are there any [...]

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Fix the Tax Code Friday: When Should Private Become Public?

10 July 2009

It’s Fix the Tax Code Friday! News reports continue to focus on the death of Michael Jackson, his memorial and his funeral. Enormous amounts of public resources have been dedicated to policing the memorial service, keeping Jackson’s family away from the press and investigating Jackson’s “alleged” drug use. Comparisons have been drawn [...]

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Fix the Tax Code Friday: Tax Credits for Business

26 June 2009

It’s Fix the Tax Code Friday!
Over the past few weeks, I’ve reported on a number of industry-specific tax credits offered to businesses, including tax credits for the tech industry and for the movie industry. Reports have been mixed as to whether these credits produce any results.
I’m interested to know what individual taxpayers think. [...]

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Fix the Tax Code Friday: What About Amnesty?

19 June 2009

Earlier today, I posted that New Jersey’s amnesty program has been very successful – in fact, more than three times their estimates.
Some of my colleagues have suggested a federal amnesty program might be a good idea, others believe that there might be abuse of such a program.
What do you think? Today’s Fix the Tax [...]

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Fix the Tax Code Friday: Exempting “Real” Food from Tax

22 May 2009

It’s Fix the Tax Code Friday!
Earlier today, I posted a piece on the new ruling in the UK that Pringles, made mostly of things “other than potato” or not, would be considered a snack food that does not meet an exemption for purposes of sales tax/VAT.
In many countries, states and municipalities, foods are exempt from [...]

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Fix the Tax Code Friday: Bailing Out the Government

15 May 2009

It’s Fix the Tax Code Friday!
Remember that study that I cited from the Tax Foundation earlier in the week? That same report offered another statistic. In 2007, the cost of balancing the budget would have cost each taxpayer an additional $1,789 in taxes. This year, due to “the bailouts and the Troubled [...]

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