Archive for November 13th, 2004
Bonus Depreciation Expires This Year
Posted by taxguru on November 13, 2004
Oops. With all of the recent changes in the rules and amounts for depreciation and Section 179 deductions, it slipped by me when Kleinrock gave its analysis of the potential deductions for new business SUVs in 2005 that the special 50% bonus depreciation deduction was one thing that our rulers in DC didn’t extend; so it will not be available in 2005. Kleinrock issued a correction in its most recent Federal Tax Bulletin.
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Marxist Tax Policy
Posted by taxguru on November 13, 2004
As I’ve pointed out for decades, one of the fundamental principles in Karl Marx’s Communist Manifesto is a “progressive” tax rate structure that punishes the more successful people and redistributes their wealth to the less successful based on the ultimate goal of making everyone perfectly equal. It is the underlying justification for our current tax rate structure.
In case anyone thinks this punitive taxation philosophy can’t get any worse, thanks to TaxProf Paul Caron for finding this website from some of Marx’s disciples, TaxWisdom.org that is in favor of even more confiscatory tax rates; even as high as 99%.
This is a gold mine for those of us who love to notice oxymorons in the language. Calling tax rates that punish achievement “progressive” has always been a bone of contention with me. Now, calling a 99% income tax rate “Tax Wisdom” may win the award for most ridiculous terminology.
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Tax Guru - Ker$tetter Letter 