IRS And Scientology – Everything You Want To Know And More
The long struggle between Scientology and the IRS was put to rest with a 1993 secret agreement, that was later leaked. The IRS refused to confirm the leaked document, but there is little doubt about its authenticity. I thought the agreement was pretty benign, but Scott Pilutik thinks I got it wrong. I find it ironic that the agreement is similar in length to the Treaty of Westphalia.
Senate Tax Cuts And Jobs Bill Caters Less To Billionaires Than House Bill – Does More For Jobs
The House bill does nothing for people making less than $260,000 (joint returns, lower thresholds) when it comes to business income. And above that, it discriminates against people who actually work in the businesses and many service providers who don’t require a lot of capital.
The Senate bill is much more generous to those further down the food chain. The Senate bill is probably a little simpler than the House bill. Rather than creating a special maximum rate on a certain class of income (25%), it allows a deduction of 17.4% on pass-through income. Arguably that is equivalent to a rate of around 33% on top bracket people, but it benefits everybody who has flow-through income. Even the service providers like doctors and accountants get the break if their taxable income is below $150,000 ($75,000) for singles.
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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.