Abolish The IRS – Sort Of – Then What?
The Tax Reform Act of 1986 cut rates and did a good bit of simplifying, but it did not take long for complexity to be layered on. Where will the political will come from to not complicate the FAIR Tax? States with sales taxes have all sorts of exemptions and a tendency to sometimes declare sales tax holidays. I find it inconceivable that industries and interests favored under the income tax will not seek special treatment under the sales tax.
Appreciation And A Strong Manager Win Hobby Loss Case
Where land is purchased or held primarily with the intent to profit from increase in its value, and the taxpayer also engages in farming on such land, the farming and the holding of the land will ordinarily be considered a single activity only if the farming activity reduces the net cost of carrying the land for its appreciation in value.
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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.