Accounting firms and schools closing their doors? Accounting degrees worthless? That guy spinning the sign outside h and r block goes back to drugs?
Tax reform repercussions
- Thread starter HighStickHarry
- Start date
H&R Block and Turbotax are the main proponents against tax reform.
Not really. Accountants would go back to accounting. Tax lawyers would have to learn other laws besides taxes.
Why should a citizen be required to hire someone to pay the government what they owe.
Why should a citizen be required to hire someone to pay the government what they owe.
Tax is one small part of accounting.
Old article, but from HuffPro (not exactly Republican)...
http://www.huffingtonpost.com/2010/08/28/americans-pay-140-billion_n_697994.html
$140 Billion plus 7.6 Billion hours spent on Tax prep, and this was from 2010. Its only gone up.
http://www.huffingtonpost.com/2010/08/28/americans-pay-140-billion_n_697994.html
$140 Billion plus 7.6 Billion hours spent on Tax prep, and this was from 2010. Its only gone up.
What makes you think he ever left the drugs?
A big obstacle to tax reform is the CBO. Let's say there is a $500 billion drop in revenue resulting from a 25% rate to a 15% rate. The CBO scores this as a net loss to the Treasury. They seem to believe the $500 billion just goes away. It doesn't. It goes back into the economy in numerous ways to give raises, to hire more employees, to offset expenses, to grow sales and a host of other uses. This increased activity creates more taxpayers, buys goods and services with its higher volume of taxation, allows for expansion of facilities which means more construction jobs and even more taxpayers.
Same thing for a capital gains cut. It doesn't lessen the tax haul to the Treasury. It has proven numerous times to increase tax collections due to more buying and selling. Yes, the tax per transaction may be less but the overall increase is more.
Same thing for a capital gains cut. It doesn't lessen the tax haul to the Treasury. It has proven numerous times to increase tax collections due to more buying and selling. Yes, the tax per transaction may be less but the overall increase is more.
No, corporations would just break into subsidiaries and all pay the lowest rate.
Best bet is to abolish corporate rates all together and make capital gains and dividends taxed as labor income.
OMG, I agree with Pilt on something. And I almost put him on ignore a minute ago. He is right here. If you want real tax reform, tax Cap Gains and Divs as income. Funny that even though Obama called it out when talking about Warren Buffet's secretary paying a higher tax rate than Buffet did, he didn't actually even try to do anything about it. Unfortunately, as this is how all powerful millionaires make their money, its not likely to change.
