Jeff Parnell, a congressional candidate up North of us in Missouri, is also a singer song-writer. He has some funny political songs available for download on his website. The one called “Red State Blues” is very funny, making good use of the widely known insane screams by the head DemonRat, Howard Dean.

The song that most caught my attention is obviously the one addressing the current state of our tax system, “Perhaps We Need A Tea Party Again,” which I first heard about from some of the FairTax supporters, who have this song playing on their website, as well as available for MP3 download. They also have the lyrics, which make a lot of sense.

“Perhaps We Need a Tea Party Again”
Lyrics and music by: Jeff Parnell

One night in Boston Harbor, the tea flew overboard.
They said, “We don’t owe King George a thing, we answer to our Lord.”
They built this land of freedom, but things have changed since then.
Perhaps we need a tea party again.

They passed the 16th amendment, and the income tax was law.
But it punishes achievement, and that’s just one of many flaws.
Then along came withholding, we don’t know what we pay in.
Perhaps we need a tea party again.

There’s a better way to pay the bills, and the Fair Tax is its name.
We can fully fund this government, and end these silly games.
We can save Social Security, and Medicare it’s true.
And the Congress needs to hear all this from You.

Career politicians love the power of tax and spend.
And it’s time that all of us take a stand and reign them in.
This country is worth saving, and I’m telling you my friends,
“Perhaps we need a tea party again.”

Flimsy Pro-Estate-Tax Arguments

This won’t make Neal Boortz very happy.

Q-1:

Subject: your article

 

I would like to take this opportunity to thank you very much for your informative article.  I found your “S” vs. “C” article using a google search.  Your insight has made my decision of which way to go as I incorporate my medical office very simple.  I wasn’t entirely sure of all the facts, but now I am definitely going with the “C” corp.  Thank you again, as your help is much appreciated.

A-1:

I’m glad that you found my article informative.  I must caution you that using that as your only reason to set up as a C corp is as dangerous as someone taking a medicine based on something he read on the web.  You absolutely need to work with a tax pro who is experienced in utilizing corporations to maximize tax savings. 

This is especially important for anyone in your profession because there are some important steps you need to take in order to avoid having your corp classified as a Personal Service Corporation (PSC) which is subject to much higher tax rates than normal C corps.  There are easy ways around this, often by the use of two entities.  A competent tax advisor should have no problem in helping you set things up properly.

Good luck.

Kerry Kerstetter

 Q-2:

Thanks again for all of your help.  Do you have anyone that you would recommend to work with in the San Diego area?

 
A-2:

Is Genghis Khan a UM accounting professor’s forefather? – Talk about breaking the classic stereotype of accountants!

Update: It seems they were very premature (and wrong) in declaring a genetic link. Let the student hazing begin.