Spidell just posted an announcement about the AGI based surcharge that will be assessed against the evil rich seniors starting in 2007, as discussed by a reader a few weeks ago.

Offshore tax shelters not just for the rich – For various reasons, I’m not a big fan of hiding assets offshore; but I pass this USA Today story along for informational sake.

The federal government stops paying its “property taxes.” – Just another example of what the imperial Federal government can get away with without recourse that we little people could never escape punishment for.

The Pension Protection Act of 2006 – The folks at The Tax Book have fleshed out their explanation of the new tax law. They’ve done a very thorough job here.  This prints out 30 pages.

Andrew Roth at Club For Growth had this post on another attempt by some of our rulers in DC to allow people to adjust the cost basis of the assets they sell for increases in the cost of living so they are not forced to pay tax on inflation.

This is a topic that I have been commenting on for decades, including this piece, where it had been determined that the President has the power to make this change by executive order rather than having to hope it makes it through the entire legislative process. That was written back when Bush 41 was in charge. 

Unfortunately, Bush 43 is just as scared to confront the Dems with this kind of “in your face” action as his father was; so it will be demagogued by the libs as just another “tax break for the evil rich” and it will die on the vine during this campaign season when gut-less politicians of both parties refuse to stand up for what is right and fair.    

Where there are property taxes, it is impossible to truly own real estate free and clear, as long as you are forced to pay rent (aka extortion) to the government for the “privilege” of being allowed to have your name on the title.

Contest winner can’t afford to live in new house – Disabled auditor won the requirement to pay over $19,000 per year in property taxes.

No Change in IRS Interest Rates for the Fourth Quarter of 2006 – The main one most of us deal with will remain at 8.0%. I’ve updated this info on my Quick Reference page.

Internet new wrinkle in swampland scam – While using the internet to research and focus in on potential real estate investments is an efficient way to handle that part, to actually buy property without physically inspecting it is the height of stupidity.  Buying lottery tickets makes more sense than that.

Q:

Subject: ATP

 

Kerry:

 

Re http://taxguru.org/qb/qb2006.htm 

 

Does ATP refer to Air Transport Pilot?

 

And what is ATA?

A:

ATA = Accredited Tax Advisor

ATP = Accredited Tax Preparer

You can see full details on these at www.acatcredentials.org/credentials.html

Kerry Kerstetter