http://www.taxgirl.com/fix-the-tax-code-friday-a-year-from-now/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 http://www.taxgirl.com/fix-the-tax-code-friday-a-year-from-now/comment-page-1/#comment-11368 Jbruce Sat, 15 Aug 2009 20:04:00 +0000 http://www.taxgirl.com/?p=3841#comment-11368 I don't expect to see either a VAT or flat tax anytime soon. Good thing, too, because I detest both. Estate and gift taxes will hang around indefinitely. I never liked the idea of eliminating estate taxes anyway. More taxes on "high-income" people? Maybe, especially if the health care bill passes. The AMT will be around indefinitely and Congress will keep passing annual stopgaps instead of revamping it back to its original purpose which was to impose some level of taxation on the very high-income earners who might otherwise escape tax via loopholes. What I'd like to see (and probably won't): Long-term capital gain should be at least 5 years, not 12 months . Compensation "loopholes" (stock options, etc) should be taxable when receiced and/or marked to market every year. Compensation in the millions (CEO's, traders, etc) should have very high tax rates and no loopholes. Capital loss limnitation of $3000 is ridiculous; should be $100K or more, or even eliminated entirely. I don’t expect to see either a VAT or flat tax anytime soon. Good thing, too, because I detest both.
Estate and gift taxes will hang around indefinitely. I never liked the idea of eliminating estate taxes anyway.
More taxes on “high-income” people? Maybe, especially if the health care bill passes.
The AMT will be around indefinitely and Congress will keep passing annual stopgaps instead of revamping it back to its original purpose which was to impose some level of taxation on the very high-income earners who might otherwise escape tax via loopholes.
What I’d like to see (and probably won’t):
Long-term capital gain should be at least 5 years, not 12 months .
Compensation “loopholes” (stock options, etc) should be taxable when receiced and/or marked to market every year. Compensation in the millions (CEO’s, traders, etc) should have very high tax rates and no loopholes.
Capital loss limnitation of $3000 is ridiculous; should be $100K or more, or even eliminated entirely.

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