Most Recent Posts
Tax Defier Who Bragged About Spanking IRS Convicted On Ten Counts
Mr. Lavigne appears to subscribe to the concept that he has two aspects or identities, one which he labels as a “person” or “corporate entity,” and the other as his “flesh and blood’ form. One spells his name with upper case letters. The other adds spurious and meaningless punctuation to his name.
Kent Hovind Round Up Since His 2015 Release From Prison
I have been following the drama of young earth creationist preacher Kent Hovind since 2012 when I reported on the Tax Court opinion in the case of his long suffering...
How The Fair Tax Act Of 2023 Might Look For Different Sorts Of Taxpayers
For 2025 the tax inclusive rate is 23% which translates to an add on rate, as sales tax is usually expressed, of 29.87% and change. After 2025 the tax inclusive rate is 14.91% plus what Social Security Administration actuaries determine the rate to be that will yield what the repealed payroll taxes would have collected.
Fair Tax Act of 2023 Has Variable Rate
There have been a few Code Sections that over the years have entered into common vocabulary – 401(k), 501(c)(3) maybe 1031 and 179 if you move in certain circles. The latter two are sometimes used as verbs. If the Fair Tax passes Section 202 will probably be like that. Sellers are required to state the tax on your bills. You will grimace when that $770 laptop comes in at $1,000, think for a second and decide why it is that you can 202 that sucker. There are people I have encountered over the years who will 202 just about everything they buy.
More On The Fair Tax Act Of 2023
The Reader’s Digest version of the act is that it eliminates federal corporate and individual income tax, payroll taxes that tie into social security and Medicare, estate tax and gift tax. In their place there will be a federal sales tax on most goods and services consumed in the United States.
What The Proposed ‘FAIR Tax’ Really Looks Like
U.S. Rep. Earl “Buddy” Carter (R-GA) has introduced the FairTax Act of 2023. Much of the commentary on the bill, including mine, has been about whether it is a...
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.
Some Of The Tax Developments I Covered In 2022
To be attached to the subdivision, to love the little platoon we belong to in society, is the first principle (the germ as it were) of public affections. It is the first link in the series by which we proceed towards a love to our country, and to mankind.
IRS Versus Dubious Conservation Easements In 2022 – Mixed Results
The massive appropriations bill that just passed the Senate and House includes a long sought amendment to suppress syndicated deals. It will cap deductions at 250% of partners basis when there is less than a three year hold. This of course does not eliminate all abusive transactions just some of the more outrageous one.