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Ask Your Tax Pro About 199A

They called it the Tax Cuts and Jobs Act and there was some logic to it.  An inference that you can make from the bill is that jobs – specifically employment that results in somebody getting a W-2 – are a good thing.  Therefore ” job creators” should pay less income tax on the money that they make than “jobholders” pay on the money that they make.  How much less? Well, they settled on 20%.  In the House version of the bill, the emphasis on job creation was not as strong.  It was pretty much just that people who get business income without doing any work should pay less than people who get income from working.  And it was implemented by a special rate.  Section 199A which is what we ended up with is a deduction.

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Gadfly Rails Against Secret Tax Law For Exempt Organizations

And here we see what a profound difference a few years makes in the life of experience of a member of my generation. The “counter-culture” spread unevenly in the sixties and a University of Maryland student majoring in economics and business could be relatively unaffected by it when he graduated in 1968.  He wanted to live out that idealism by becoming a Navy pilot but lacked good enough eyesight.  The next best thing was enlisting in the Army and going infantry – 101st Airborne Division.  Disillusionment came quickly in Vietnam in 1969. He referred me to a book called A Bright Shining Lie.  His company took 50% casualties while he was with it. I turned 16 in 1968 making my experience of the same period more confusing than disillusioning and, of course, exceedingly more benign.

After discharge, Mr. Streckfus started participating in Vietnam Veterans Against the War 

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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.