It has always been a hot issue, distinguishing where the boundaries are between functions we CPAs can legally do and when we cross over into the forbidden territory of practicing law.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/31/2003 01:49:00 PM Send this post:

George W's tax cut victory (George Will)

Bush's tax cut bridge (Larry Kudlow)

Bias against tax cuts (Bruce Bartlett)

President Signs Major Tax Cuts... Now What? (Gail Buckner)

A tax tally: the winners and losers

Some Candidates Quick to Urge Tax-Cut Repeal - The DemonRats are just so predictable that it's getting a little boring listening to them whine about lower tax rates.  Lower tax rates = less power that they can exert over our lives.

Late Deals Got Tax Cut Done

Sunset Spending, Not the Tax Cuts, If lawmakers are really serious about eliminating the deficit.

Democrats Criticize Latest Tax Bill - They are scared to death that it will do the trick and boost the economy, crushing Queen Hillary's chances for a third term in the White House.

Corporate Tax Appeals Up in Sour Economy - If the value of commercial property has declined, it's only faith that the property taxes on them be reduced accordingly.

Bill in PRC stiffens penalties for some tax shelters.  Investors in schemes would pay more fines

The Death Tax Lives On In Several States - It is more expensive to pass away in those states that are not following the Federal phase-out and one-year (2010) elimination of the Estate Tax.  While not the easiest thing to do, choosing what in which to reside during your last days on Earth could be part of an overall estate plan.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/30/2003 01:29:00 PM Send this post:

Same As Cash

I have been receiving some questions as to whether the Section 179 expensing election requires that you pay for the asset, such as a vehicle weighing more than 6,000 pounds, in full or if you can finance it.  This brings up one of the biggest mistakes I see people make, causing them to overpay their taxes, both because of ignorance and lousy bookkeeping.     

For income tax purposes, how you finance a purchase is irrelevant for purposes of deductibility, including the Section 179 election, which is now up to $100,000 per year.  It is exactly the same whether you pay cash or put zero money down and take out a loan for 100% of the price. 

Likewise, using a credit card is considered to be the same as paying cash for income tax purposes, regardless of when the card is paid off. You can literally go to a store, such as Best Buy (where we bought our three most recent computers) on December 31, use your credit card to buy $50,000 of computers and other business equipment, and you can claim a Section 179 deduction for the full $50,000 on this year's income tax return, as long as you plug them in and start using them before midnight.  An often overlooked requirement of the Section 179 deduction is that the asset be placed in service during the tax year for which the deduction is being claimed; not just paid for.  The credit card bill won't be received until next year; but that doesn't matter for tax deductions.    

A lease of a vehicle or other business equipment does not qualify for the Section 179 unless it is a disguised purchase, such as a lease to own with a one dollar buy-out at the end. 

If you have a loan for the purchase, you can then also deduct the interest as a business expense on the same schedule where you claimed the Sec. 179.  Likewise, finance charges on deductible credit card purchases can also be deducted.  This is another often overlooked deduction by people, and even tax pros, who believe that vehicle and credit card interest are always nondeductible personal interest. 

As I have said too many times, most people miss out on claiming their full possible deductions because of crappy bookkeeping (to use the technical term).  They only look at just their checks paid out for the previous year and miss out on the purchases made through loans and credit cards.  That is why it is so important to have everything properly set up on QuickBooks.  It does a beautiful job of combining purchases made through all of those means into the proper years. 

Labels: 179

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/30/2003 12:44:00 PM Send this post:

How many people actually believe that Warren Buffett and his fellow travelers who condemned the tax cuts will send their tax savings back to the IRS? Fat chance of that.

It has always made me sick that allowing people to keep any of their own hard earned money is considered to be a cost to the government.  The argument from the Left is that's a cost that we can never afford as a civilized society; yet we can always afford to spend trillions more on ridiculous and corrupt welfare programs. 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/30/2003 11:16:00 AM Send this post:

The Tax Revolt Turns 25 - Remembering the property tax revolt in the PRC in 1978. 

President Signs Tax Cut Package Into Law

Economic Impact Analysis of the Jobs and Tax Relief Reconciliation Act of 2003

W's 'little bitty' tax cut

BUSH MAKES THE CUT

Tax Law Omits Child Credit in Low-Income Brackets

Bush Signs $350 Billion Tax Cut Measure

$350-Billion Tax Cut Spells Relief, Bush Says

Bush signs his 2nd big tax cut

Bush signs $350b tax cut package

Tax cutters now take aim on �sunsets�

Bush Signs Tax Cut Bill, Dismissing All Criticism

DUBYA'S TAX-CUT CATCH-22 FOR DEMS

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/29/2003 06:01:00 PM Send this post:

Tax Cut Great News for Retirement Security - Contrary to the left's propaganda that only evil rich people have income from stock dividends, as I have seen with hundreds of real life clients, most dividends are received by older middle income folks.  How the DemonRats can ever claim to be the saviors of senior citizens, especially after the 1993 Clinton-Gore hike in the tax rate on Social Security benefits, is a credit to the left-wing bias in the mass media and their ability to shape public perception.  Their opposition to lower taxes on dividend income is just one more way in which they are anything but helpful to the older citizens in this country.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/29/2003 04:47:00 PM Send this post:

The Deficit Game - The libs and their fellow travelers love to fake concern over perceived budget deficits and their imaginary connection with tax rate cuts.  They refuse to acknowledge the fact that deficits are strictly caused by too much spending and never have any problem fighting for more of that.  They never mention any concern over deficits when pushing for another expensive big government program.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/29/2003 03:51:00 PM Send this post:

As with the Iraq war, the underlying motivation for the opposition from the JackAss Party is pure hatred of George W. Bush. Whatever he wants, they have a knee-jerk reflex opposition to it.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/29/2003 01:01:00 PM Send this post:

Advanced Child Credit Payments

Starting on July 25, IRS will be sending out checks to people who, based on info from their 2002 tax returns, will qualify for the new higher $1,000 per child (formerly $600) credit.  They expect to be sending out about 25 million checks for the extra $400 per qualifying child. They have more details on this, including the expected payment schedule on this page of their website.  As I said earlier, if you do receive one of these check from IRS, be sure to label it properly in your checkbook and/or QuickBooks register and give that info to your tax preparer when s/he works on your 2003 1040.  Otherwise, we'll have more of same kind of problems we had with the 2001 IRS checks.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/29/2003 12:30:00 PM Send this post:

Which Tax Breaks Are Likely To Ride Off Into the 'Sunset'

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/28/2003 11:21:00 PM Send this post:

Bush Signs Tax Cut Bill

Bush expects tax cuts to fuel economy, campaign

Bush to sign tax cut he once belittled

Fix a Real Tax Problem - This bill does nothing to address the problems with the insane AMT.

Tax Cut an Empty Gesture to Cities

President Signs Tax Cut Package Into Law

UPDATE - Bush signs tax cut bill; Republicans promise more

Bush Signs Tax Cut Bill, Asserting It Will Revive Economy

Tax cutters now take aim on �sunsets�

The Tax-Cut Skeptics Back Home

Tax Cuts Revisited: A Benefit For All Americans

Liberals lose in federal poker

Your tax refund should arrive shortly - These advance refund checks are going to create another headache like the ones in 2001 for people with lousy records.  I had scores of clients who had no idea whether or not they had received their 2001 refund checks; so we had to guess when completing the 2001 1040s. At least half the time, they were wrong and IRS had to change the refunds or add more tax due.  That is just one of the reasons we are requiring everyone to have their finances on QuickBooks; so that I can look and find out whether or not tax refunds were received, as well as what estimated tax payments were made, another big problem with lousy records.   

Democratic Presidential Hopefuls Criticize Tax Cut - As if we need another reason to avoid the DemonRats.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/28/2003 07:33:00 PM Send this post:

Let's hope Bush can make it very permanent and completely tax free on the next try.

This would do more good than just suing everyone over idiotic investments.

Something for those people who believe the left's propaganda that IRS has been neutered.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/28/2003 07:20:00 PM Send this post:

This is what I visualize whenever I hear or read some bonehead claim that tax cuts cause deficits and only benefit the evil rich.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/28/2003 11:14:00 AM Send this post:

Accounting Firms Attempt To Dispel the Cloud of Fraud - About a year ago, after the Enron collapse and disclosure of "creative accounting" by several large companies, the very definition of unreliable and untrustworthy in the punch lines of late night jokes was Arthur Andersen.  Luckily for the CPA profession, the definition of unreliable and untrustworthy has now become The New York Times and CNN.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/28/2003 10:30:00 AM Send this post:

The Tax Cut: Positioning for 2004

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/27/2003 10:49:00 PM Send this post:

Marriage-Penalty Reform Still Has Long Way to Go

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/27/2003 07:36:00 PM Send this post:

ABC Pushes Liberal Spin: Top 5% Get More Than Half of Tax Cut - It would really only be news if the Anti-American Broadcasting Company did otherwise.

Tax-dodging companies feed at federal trough

This ain't the last tax cut we're gonna see - Let's hope they can make it part of each year's annual budget legislation to have some reduction in tax rates.  High taxes didn't happen overnight, so gradual and permanent reduction will take some time to accomplish.

FRIST VOWS MORE TAX CUTS AHEAD

Bigger Than You Think. The tax cut is not necessarily half of the president�s original proposal.

Dividend Hunt May Backfire on Investors - They are just another part of the equation for evaluating investments.

More Companies Find It's Better to Go Private.  Regulatory scrutiny and high costs of being in the public market are driving many firms to consider a way out. - While it may seem prestigious to have your company's stock traded on the exchanges, it adds a ton of costs and issues to the management process that make it an entirely different ball game.  For example, with a normal closely held business, you only have to keep in good standing with the IRS and your State tax agency.  When you have outside investors, you assume massive fiduciary responsibilities towards each one of them, plus you are limited in what you can say and do to an entirely new level.   

GOP in the PRC hints at softer stance on taxes.  Some say increases might be OK if Democrats agree to curb future spending.

L.A. Times Defends High Taxes In PRC - Typical leftist drivel.  Just because some taxes may be higher in other locales, we have no right to complain here.  That kind of idiotic reasoning is used constantly to defend high gas taxes by comparing prices in the USA with what they pay in Europe.  

With Wall Street on Defensive, Claims Against Brokers Surge - Although I'm sure there were plenty of cases of churning and other abuses by stockbrokers, this trend of suing over losses just seems too much like the new tactic of suing casinos for gambling losses.  As I have always said, playing the stock market is exactly like trying your luck in casinos and anyone who believes winning is guaranteed is stupid enough to deserve an expensive lesson or two on life's realities.

Minimum of Understanding.  Wage floors are stealth jobs killers.  - Anyone with even the most basic grasp of supply and demand concepts should understand that raising mandatory minimum wages will result in fewer people being hired.  

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/27/2003 01:44:00 PM Send this post:

Our rulers in DC will still get plenty of our money.  We can spend our income tax savings on higher gas taxes when we fill up our vehicles.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/27/2003 12:32:00 PM Send this post:

Reaction to Tax Cut Follows Partisan Lines

For Many, Tax Cut Windfall Will Be Socked Away

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/26/2003 02:25:00 PM Send this post:

More Explanations of New Tax  Law

From CNN

From CCH (pdf)

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/26/2003 12:27:00 PM Send this post:

A tax cut of varied proportions

Modest Jolt in Economy Seen From Tax Cut

Bush Declares Tax Cuts Will Boost Economy

Frist Says Republicans Want To Make Bush's Tax Cuts Permanent

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/25/2003 06:19:00 PM Send this post:

New Tax Rates

I've updated the 2003 tax rate schedules to reflect the new law.  I also added a lot of info at the bottom of the page on the new special rates for dividend income and long term capital gains. The lower rates on dividends kick in as of January 1, 2003; but the lower long term capital gains rates don't apply until sales made after May 5, 2003. For installment sales, we will need to keep track of separate totals for principal received between 1/1/03 and 5/5/03 and what is received from 5/6/03 through 12/31/03 so that the proper rates can be applied.  We can expect a very messy Schedule D for 2003.

I also updated the Section 179 info to reflect this new tax law.

Labels: 179

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/24/2003 06:12:00 PM Send this post:

Man could face three years in jail for bulldozing 300 oak trees on his own property - This kind of thing is a perfect example of why we left the PRC ten years ago.  Control over your own property isn't allowed by the Left Coast rulers.  When we came here to the Ozarks and learned that property owners are allowed to do whatever they want with their property, the decision was easy.  For example, we have about 150 acres of forest (oaks and other kinds) on our property here.  We could cut, burn or bulldoze them all if we want to.  Of course, we wouldn't do that; but it's a good feeling knowing that we won't be tossed into prison if we change our minds.  A foundation of capitalism and freedom is private ownership and control over property.  That's not the case in the PRC.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/24/2003 04:21:00 PM Send this post:

Bush Lauds Congress for $330B in Tax Cuts

President Bush Praises Congress for Tax Cuts

Tax cut will help a bit � economists

With Tax Cut Bill Passed, Republicans Call for More & Permanent Cuts

Tax-cut bill adds up to a big win for Bush - And for everyone else in the country, except for the DemonRats who want to keep the economy in recession.

Congress Passes $350 Billion Tax Cut Bill - The fact that the cited cost of the tax cut bill varies from story to story doesn't bother me because all such "costs" are completely bogus to start with.  Letting people keep more of their own money doesn't cost the government anything. As happened after the Reagan cuts of 1981, the increased economic activity will actually result in more money flowing to DC.  Any deficits will be caused solely by reckless spending.  

Liberals misread the tax issue

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/24/2003 12:32:00 PM Send this post:

The New Tax Law

While looking over the details of the new tax law, and updating them on my main website, I had a few observations, especially in regard to how those of us living in the real world (as opposed to the fantasy world in which our rulers reside) will deal with it. 

Overall, it is a very good step in the right direction of lower taxes.  The most amazing change was the quadrupling of the Section 179 expensing election from $25,000 ($50,000 for owners of C corporations) to $100,000 ($200,000 for owners of C corps).  This is much more generous than the $30,000 to $75,000 figures that had been included in the early versions of the bill as it worked its way through the sausage factory, digestive system, of DC.  This should encourage a lot of capital spending on new business equipment, including evil SUVs, if they weigh more than 6,000 pounds. 

Besides raising the annual deductible amounts, this new law made some other nice changes to the Section 179 rules.  For 2004 and 2005, the annual amounts are to be adjusted for inflation.  Up until now, the Section 179 election was only allowed on originally filed tax returns.  People who overlooked it were not allowed to claim it on amended returns.  This new law allows the Section 179 expensing election to be claimed or revoked on amended returns for 2003, 2004 and 2005.

There are several aspects of the new law that leave a lot to be desired.  The short time horizon, with all of the changes disappearing after 2004 or 2005, does make long range planning a bit tenuous.  We have to hope that the GOP's strategy of bringing this matter back up for a vote in 2004 will have the desired effect of making those opposed have to defend raising everyone's taxes. 

The failure to eliminate the double taxation of corporate income is very disappointing. The compromise, to tax dividends at the special long term capital gains rates of 5% and 15%, is just one more example of how our rulers never miss an opportunity to make things more complicated in the tax system.  This will obviously be great for stimulating more business for us tax pros and our software suppliers.  I've even heard predictions of a 25% increase in H&R Block's stock price due to this new tax law requiring more people to seek out their help in preparing tax returns.

The biggest failure of this new law is its attempt to remove the marriage penalty.  The marriage penalty is a very real aspect of our tax system.  I have seen countless couples either get divorced or refuse to get married just because the thousands of dollars in additional taxes they would be required to pay for the privilege of being married.  As I have always advised, if our rulers really wanted to eliminate this penalty, they would just allow people to compute their taxes under both methods, married and as if they were single, and pay the lower amount. 

However, our rulers always come up with some half-assed token deduction for married couples that is just a drop in the bucket toward wiping out the actual penalty.  This new law's approach is no better.  In fact, this new law even adds new marriage penalties with the phase-out amounts for the new tax credits and deductions that are in the law to prevent the evil rich from receiving any of the tax breaks.  The phase-out amounts are much higher for two single people than for a married couple.  How our rulers can claim to be removing the marriage penalty while actually adding new penalties is a skill that only politicians seem to have.  A disconnect between their perception and the real world reality in which the rest of live. 

KMK

Labels: 179

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/24/2003 11:30:00 AM Send this post:

Fiscal Conservatives Say Hurray for Tax Cut

GOP Mission Accomplished: Tax Relief

Fiscal Conservatives Say Hurray for Tax Cut

Bush accepts size of tax cut

Tax Cut Plan Cut in Half, But Dan Rather Still Calls it "Big" - Any tax cut is by definition too big and dangerous in the minds of the lefties. 

Yo-Yo Economics - These new cuts still have to be made permanent or else they will disappear in a few years, snapping us all back to the higher tax rates we had until now.

Most to Reap Benefits of Bill - Not just the evil rich. 

Bush Claims Tax Cut Victory as Congress Nears Final OK

Congress Passes $350 Billion Tax Package. Cheney Casts Deciding Vote in Close Senate Passage - There's just something ironic about Cheney being the tie breaker of a large retroactive tax cut ten years after AlGore cast the tie breaker for the largest retroactive tax increase in 1993. 

Bush likes 'little bitty' tax cut

Bush Lauds Congress for Cutting Taxes

Bush retreat eased tax bill�s advance.  President, aides find compromise tax cut beats none at all

Taxpayers to get new round of cuts. $400-per-child refunds, less withholding among cuts

A Tax Cut Without End - This is a bad thing in the opinion of the New York Slimes.

Planned Tax Cut Called 3rd Biggest

Tax-Cut Scorecard.  It�s not all Bush asked for, but it will add materially to economic growth.

A Tax Cut Worth Cheering. It will boost the economy � and Bush.

Tax cut checks due in months

Breaks for almost everyone in tax bill

PREZ HAILS HIS BIG WIN ON TAX CUT

Bill Gates the Elder Is Still Spouting His Marxist rhetoric in support of wealth redistribution by the government  

Tax cut heads for final OK in Congress. Quick passage means bigger payday July 1

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/23/2003 04:47:00 PM Send this post:

Reverse Mortgage Can Really Help Seniors 

One of the most frustrating things for me has long been trying to convince seniors that it's not a sin to tap into the equity in their homes and enjoy their lives a little before they pass away.  Even with a mortgage, their heirs will still be receiving very lucrative tax free windfalls when they go.  They shouldn't feel the least guilty about using some of their own wealth while they are alive, in spite of pestering by greedy kids who want their parents to live the most Spartan lifestyles to preserve their inheritance. 

While reverse mortgages are useful methods of getting access to equity, a more effective approach is often to borrow a large lump sum, especially with current low interest rates, stick half in the bank from which to service the debt for the rest of the borrower's life, and play with the other half.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/23/2003 01:41:00 PM Send this post:

Bush can still claim victory on tax cuts

Senate Approves Tax Cut in 51-50 Vote

The tax cut: What's in it for you?

Silicon Valley-backed tax break gets the ax.  Tech industry looked forward to economic boost - A lot of special interest tax breaks ended up on the cutting room floor in the final version.  That's what always happens, which is why it's never a good idea to change behavior until the law is finalized. 

Three Wise Men? - Another great debunking by Neil Cavuto of the supposed financial gurus.

States Look for New Sources of Tax Revenues

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/23/2003 01:32:00 PM Send this post:

Senate Approves $330 Billion in Tax Cuts

Understanding Changes May Prove to Be Taxing - A good summary of most of the changes in the new tax law.  I am planning to incorporate these new changes into the tax rate info on my main website over this weekend.  I will post a note when it is ready.

Tax Cuts Need to be Pro-Growth, Immediate and Permanent

Sausage and tax cuts

Crossing the Finish Line on Tax Cuts. Congress delivers a pretty good tax cut package. We want another one next year! 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/23/2003 12:25:00 PM Send this post:

Lawsuits Over Tax Shelters Suggest Hard Sell by KPMG 

It should be a dead giveaway that things are fishy when you are required to pay millions of dollars, sign a confidentiality agreement, and are barred from seeking a second opinion from any other experts in order to participate in a top secret tax savings plan.  If you aren't allowed to verify the legality of a tax strategy with another independent source, that's a huge red flag that it's a crooked deal.  Proceed any further at your own risk.

To be honest, I'm having the same feelings about the people who fall for these schemes as those who follow the tax protestor scamsters.  Anyone that stupid really deserves to lose their money.  I know it sounds cruel; but it's my Darwinian way of looking at the world and seeing that the smartest among us survive and the idiots don't.  It's a kind of financial JackAss for weeding out those with too little intelligence to survive.      

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/22/2003 05:35:00 PM Send this post:

Drug Tax Stamp

I first saw this a few months ago. I'm still not sure if it's a hoax or not.  The State of Kansas is supposedly trying to get drug dealers to buy tax stamps ($100 minimum) to put on their products.  If I'm reading the rules right, there may be a bigger penalty for being caught with illegal drugs that don't have the tax stamp than just for being a dope dealer. 

This seems to illustrate a couple of truisms.

If you can't stop an activity, at least tax it.

As happened with Al Capone, authorities are much more able to throw someone in jail for tax evasion than for what most people would consider to be more serious crimes (murder, drugs, bribery, etc.).

I contacted the Kansas Dept. of Revenue and asked them how much money they actually collect from this.  I will post their response.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/22/2003 04:57:00 PM Send this post:

Bush: Will Sign $350B Tax-Cutting Bill

Bush Says He Will Sign $350 Billion Tax Cut Deal

Bush embraces tax-cut compromise. $350 billion package set for likely passage Friday

Bush Will Sign Half a Tax Cut

The Tax Cut Is For Dreamers

Tentative Tax Cut Deal Reached. House and Senate Negotiators Back $350B Plan

Republicans leave some dividend money on the tax table.

Bush's tax dictate

Grassley makes tax deal

Bush's tax-cut victory Is A Good Deal

Weak link on the left - Libs are lying in their attempts to connect tax cuts to deficits.

Warren Buffett Is Wrong! What he calls �voodoo,� is just what we need.

The Stooge of Omaha? - Both Stephen Moore and Neil Cavuto share my opinion that the supposed capitalist guru is nothing more than a typically selfish Marxist.  He made his billions and now wants to make sure others aren't able to do the same.   

Dangers of the dividend tax cut to Marxism - Lower tax rates = less control and power for the central government, something Buffett and his Fellow Travelers can't stomach. 

Winning the tax-cut wrap-up

$318 Billion Deal Is Set in Congress for Cutting Taxes

Gas Tax Hikes In The Works -  With income tax rates ready to be reduced, our rulers in DC are working on plans to add another 5.4 cents in Federal tax to each gallon of gasoline we buy.  They realize they can sneak this in pretty well undetected with the recent drops in pump prices.  Some groups that are opposed to this new increase:

Americans For Tax Reform

National Taxpayers Union

Citizens Against Government Waste

 

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/22/2003 11:24:00 AM Send this post:

"The Congress is a circus. To the music of braying donkeys, each elephant is led in circles by the tail of another. While they have the peoples' attention, the clowns write the tax laws."
            --Jim Boren

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/21/2003 09:44:00 PM Send this post:

The deficit is directly the result of the big spenders, such as Klansman Robert Byrd, and has nothing to do with allowing people to keep more of their own money through lower tax rates.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/21/2003 08:52:00 PM Send this post:

TAX CUT SNIFF TEST

Tax-Cut Endgame

Congress Reaches Tentative Tax-Cut Deal

President Supports House Tax Bill

House GOP accepts $350 billion tax cut

Agreement close on tax cut bill

House, Senate Reach $383 Billion Tax Cut Agreement

Congress Tax Package Said to Total $382.8 Billion

Plan for Overseas Tax Increase Dropped - US corporations fought back against this idea because they would have ended up paying those extra taxes on behalf of employees stationed abroad or else be unable to find anyone to take on those assignments.

Bayh�s vote for tax cut vexes Dems - Both parties have their defectors from the standard playbooks. 

70B gaffe in Senate tax plan - Who cares?  The methodology they use to analyze proposed effects (static scoring) has been proven to be nothing more than WAGs (wild ass guesses) anyway.

House G.O.P. Leaders Agree to Eliminate Dividend Tax

Tax-Cut Victory Is at Hand. Congress has work to do, but the pro-growth future is bright.

There are harmful tax increases in the Senate tax package.

Permanent or not, these tax cuts will help.

The scent of pork -The true reason for the budget deficit; out of control spending by our rulers.

House GOP Targets Waste, Fraud In Government Programs - So far, it's been all talk & no actual action.

Warren Buffett's Marxist View of the World

Coring the Apple - The massive tax hikes in New York are going to be the equivalent of killing the goose that lays the golden eggs, as those high income earners who are being targeted for fiscal rape decide to leave the Empire State.

Tricky Dick  - Since Roth IRAs were first introduced into the tax game about five years ago, I have consistently expressed my concern over relying on them very much because they only make economic sense if we can trust our rulers in DC to honor their promise regarding their tax free pay-outs.  I have always had big problems advising anyone to give up current tax breaks, such as with conventional deductible IRAs, in exchange for some promised tax break ten, twenty or thirty years down the road.  Since the beginning, I predicted that our rulers would pull the same switch on Roth IRAs as they did with Social Security, and tax payouts for anyone who is considered to be evil rich, such as anyone with more than $25,000 of income per year, as it is for SS.  Rather than wait to stick it to Roth savers, one of our least favorite Socialist Congress-Critters, Dick Gephardt of St. Louis, is already proposing a radical change in the allowable retirement plans, including full taxes and penalties on those who used Roth IRAs. The scariest thing is that, among all of the DemonRat presidential wannabes, Little Dick Gephardt is considered a moderate.  
      

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 5/21/2003 12:16:00 PM Send this post:

Political Payoffs for Tax Cut Vote Switchers

GOP Seeking 3rd-Largest Tax Cut Ever

Talks zero in on $400 billion tax cut

GOP Will Aim for Smaller Tax Cut

Congress Plans to Deliver Tax Cut by Memorial Day

Try to get a tax-cut - A look at the games required to get a tax cut bill through the ridiculous rules of the Senate. 

House's sensible tax cuts outweigh anemic Senate plan

Tax-Cut Critics don�t have a leg to stand on.

Tax Cuts Complicate Democrats' Campaigns