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!
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?
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!
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)?
