TAX POLITIX
The Politics of Taxes
Alternative Minimum Tax Report
Alternative Minimum Tax Report Introduction The Alternative Minimum Tax (“AMT”) presents hardships to the practitioner as well as the taxpayer who prepares his own return by, as its name implies, imposing a second tax calculation mechanism on taxpayers. This mechanism brings with it major record keeping and calculation complexities, yet serves virtually no useful purpose-other than the raising of an ever-increasing amount of tax revenue. But as has become very clear in recent years, this...
Coming Obamacare Deficits
David Gratzer over at Townhall.com wrote the following on the coming Obamacare deficits: On a quiet Friday afternoon this summer, the central justification for President Obama’s health-care overhaul died a quiet death. On that day, a bipartisan coalition in Congress reversed the scheduled Medicare cuts to physician payments, ensuring that, over the next decade, the White House’s reforms will cost many billions more than advertised. After over a year of debate and lofty rhetoric, the reality is...
Tax Credit Rhetoric
The figures bandied about regarding the percentage of tax cuts in the stimulus package was false. Only a very small portion of the bill represented real tax cuts – the rest was spending implemented by having it paid through the tax system. This same type of deceit put Enron executives behind bars. Yet, because it is Uncle Sam and not Kenneth Lay, we let our guard down—and our sensibilities. Tax cuts and tax credits are terms often used interchangeably. Most Americans don't know the difference...
NY State–We Punish You for Withholding the Correct Amount of Tax
Everyone knows about withholding—it’s the money taken out of our paycheck. It is an attempt bythe government, on a pay-as-you-go basis, to collect from you over the course of the year, the amount of tax you would owe for that year. The various taxing authorities provide specific rules to employers as to how to withhold on regularpaychecks. There are special rules or withholding on bonuses, and other forms of pay (stock option exercises, taxable fringe benefits, etc.) that are over and above...
Kill the Golden Goose Why Don't You
David and Ruby had a once in a lifetime windfall earning themselves a $600,000 long term capital gain. When I told them that their federal tax liability on this gain was $100,000 they accepted this as the price ofliving in the U.S. But when I told them that their NY State and City tax on this gain was $80,000 they were dumbfounded. After all, David said, wasn’t the NY State and City tax usually 1/3 or less of the federal tax? Yes usually. But NY State and City have been taking advantage of its...
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