Amazon’s Fight With IRS – At Least It Gives People Work
Perhaps the simplest thing would be to tax public companies based on their reported earnings. The foreign tax credit prevents double taxation. By taxing the companies on their reported earning instead of having one set of accountants scheming how to inflate earnings to help stock prices and another set of accountants over in the tax department scheming on how to reduce taxable income, the pressure would be to tell a consistent story. The IRS could to a significant extent ride on the work of the independent auditors and tax provisions would be comprehensible to more than a few hundred people in the country. On the other hand, a plan like that would probably be a job killer for accountants, so maybe it is good to keep things as they are. At least it gives people clean jobs with no heavy lifting.
Finally Something About The Baby Holm Controversy
I met Bob Baty thanks to my coverage of the fight over the dubious constitutionality of Code Section 107 the parsonage exclusion. He became my most constant commenter...
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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.