It looks like 2010 likely won’t be all that different from 2009 – at least when it comes to taxes. Each year, by law, the dollar amounts for certain tax provisions are indexed for inflation. But inflation hasn’t budged all that much (that’s good, right?) which means that a lot of nothing is happening. Here’s…
Soooo… You know that I wasn’t a fan of the first time home buyer credit. It was touted as a “stimulus” for middle class taxpayers to make home buying more affordable. The idea was that folks would rush to buy homes, thus buoying the housing industry, getting banks going again and more or less saving…
Apparently, I’m not the only one who thinks that tax – and related stories – are pretty funny. Dan Rosandich actually does illustrations about tax for a living. And you thought I was a tax geek. You can check out his tax cartoons at his site (he also does custom cartoons – no person or…
This week, 157 House Democrats (which for math junkies like me, who want to know the actual percentage of House Dems who signed, it’s 62%) signed a letter which put House Speaker Nancy Pelosi (D-CA) on notice that an excise tax on high-cost health care insurance plans is not acceptable. Those who signed the letter…
There inevitably comes an awkward moment when I’m delivering a guest lecture at Temple Law School when I can see flashes of panic on the faces of my students: You mean, I have to pay tax on my fellowship? The taxation of scholarships and fellowships can be confusing. First, the general difference between the two:…
William Gifford, MBA, writes: Congress should eliminate the current system altogether. Throw out the federal income tax because it’s too broken to be fixed. In it’s place, I think we should pass something like the VAT in Europe: a federal sales tax. Think about it. Rather than penalize people for making more money, a federal…
Frank Siler writes: All members of Congress should be forced to do their taxes with pencil, paper, and IRS instructions. I am hopeful they would all conclude that the process is ridiculously complicated, invasive, and needs to be greatly simplified. Often I see politicians making clearly false or at least misleading statements about changes they…
Gideon Alper, who publishes the Gay Couples Law Blog, which discusses new developments in same-sex family law and estate planning, writes: The IRS should recognize gay marriages not just as a matter of equality, but also to encourage socially beneficial behavior in gay relationships. Fred Silberberg, a Los Angeles attorney that has practiced family law…
Scott Lovingood writes: Two specifics that should be addressed immediately. Stop double taxation 1) Eliminate the estate tax. You pay taxes on everything you make and then you get taxed again when you die? Tell me that makes any sense. 2) Stop taxing Dividends on personal accounts- Companies have already paid taxes on the profit…
Philip Miles, an attorney in Central PA and author of the employment law blog Lawffice Space, writes: Who the heck is FICA? In an early episode of the hit sitcom Friends, spoiled rich-girl Rachel Green (played by Jennifer Aniston) is forced to take a job as a coffee shop waitress. After a few days of…