Tax Politics
The Politics of Taxes
Schumer’s Hypocrisy on State and Local Taxes
It is virtually impossible to defend the part of the Internal Revenue Code that provides for a deduction for individuals who pay State and Local income taxes ("SALT"). The deduction is simply a subsidy for those states who levy high income taxes on their constituents....
Eliminate the State and Local Deductions
With President Trump proposing to eliminate the Federal tax deductions for state and local taxes, there has been an outcry from states that allow this deduction currently. The biggest criticism is that it creates “double taxation” because it forces individuals to pay...
Lowering Capital Gains is Necessary
Capital gains are unusual in that the taxpayer has the ultimate decision as to whether and when to sell his asset (stock, his business, a work of art, etc.) The higher the tax rate, the less likely he is to sell, seeing as he will only be able to enjoy or reinvest...
Capital Gains and the Wealthy
The concept of an American President (Obama) going after people making a lot of money and paying a relatively low tax rate on it was particularly naïve; it displayed an absolute lack of familiarity with how people get wealthy. As a CPA, I can attest to the fact that...
Abuse to the Taxpayer by Public Service Employees
Taxpayers have been long bamboozled into making generous commitments to the retirement systems of public service workers. All over the country, in all levels of federal and state governments, these defined benefit plan pension plans have proven to be vastly untenable....
The Danger Time Between 65-80
Everyone thinks he can retire at age 65. It’s an American ideal born in the last century with the rise of unions, the defined benefit plan, and generous pension systems. In reality -- especially due to advances in health, medicine, and nutrition -- many people have...