President’s Religious Liberty Order Might Not Change IRS At All
It is hard to see what the IRS can change in response to this order. The most recent detailed guidance I know of is Revenue Ruling 2007-41 which teaches about the rules by way of 21 examples. The examples center on the organization or its officers in effect explicitly saying “Vote for Joe”. The officers can say “Vote for Joe” as long as they make it clear they are not speaking in their official capacity and are not using organizational resources. It is not clear that the Executive Order requires any revision to that ruling, but it would not surprise me if there is somebody in the Chief Counsel’s office checking on that now.
George Will And Columnist Tax Literacy
I’ve read that a few times to make sure I am not misrepresenting George Will. It is pretty clear that he is saying that there will never be a limit on the home mortgage deduction and that he is using $500,000 by way of example. That is disturbing.
The reason it is disturbing is that there is, in fact, already in effect a balance limitation on the home mortgage deduction. Forgive me as I go geeky on you. Code Section 163(h)(2) denies deductions for “personal interest”. It includes an exception for “qualified residence interest”. A limited exception. A million for acquisition indebtedness and $100,000 for “home equity indebtedness”. The million-dollar limitation has been there since 1987 when the Tax Reform Act of 1986 went into effect.
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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.