All of the DemonRat candidates seem to be in agreement on this issue.
Posted by taxguru on June 27, 2003
Record cuts, higher taxes as states struggle to survive tough times – Incompetent management and planning are much more realistic reasons for the deficits than simply blaming everything on tough times.
IRS: Over 2000 Big Earners Paid No Tax in 2000 – Let the class warfare and hatred of the rich commence. This is intentionally inflammatory and no more relevant than saying “Over 2000 blue-eyed fishermen paid no income tax.” There are literally hundreds of very legitimate reasons why someone with a lot of gross income would have no Federal income tax. A business that has more expenses than income is the most common.
A Governor CBS Can Admire: Alabama’s Tax-Raising Bob Riley
People should stop whining about taxes – Many of us wish it were possible to do what this ignoramus jokes about; voluntarily opt out of incompetent government programs, such as Social Security and MediCare.
A ‘Financial Planning 101’ Minus the Jargon
Corporate Choice – I’m still as big a supporter of using C corporations as before the new tax law, especially with the quadrupled Section 179 expense deduction. An owner of a C corp can claim up to $200,000 per year, while an S corp owner is limited to only $100,000. Many people, including Forbes, aren’t looking at the big picture and are falling for the lure of the more taxing S corps and LLCs, which are basically identical to S corps.
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Posted by taxguru on June 26, 2003
Governor’s car tax hike faces court test – Not everyone is willingly accepting the unilateral tripling of the tax by Gray-Out Doofus
Democrats Urge Bush to Press Hard on Tax Credit – Unfortunately, in his zeal to co-opt as many of the DemonRats’ issues as possible, Bush is very likely to once again abandon conservative principles and go along with this increase in welfare payments to people who already pay no income taxes.
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Posted by taxguru on June 26, 2003
This would be an obvious tip-off that you may be asked to be more creative with accounting than is legally acceptable.
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Posted by taxguru on June 25, 2003
Bill Clinton Likes Paying Taxes – In case there is anyone with any doubts that the Clintons are dyed in the wool Marxists. They are literally chomping at the bit for their third term in the White House, when they can undo all of the Bush tax cuts and raise rates even further than before.
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Posted by taxguru on June 25, 2003
The only hope the DemonRats have of capturing the White House in 2004 is to continue their sabotage of the economy by keeping unemployment high, taxes, high, and the stock market as low as possible.
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Falling Through The GAAP
Posted by taxguru on June 25, 2003
Another call for changes to the GAAP (generally accepted accounting principles) that have been used since 1921 in order to make the information provided to investors more practical. This debate, especially the focus on past data and lack of forward looking info, has been going on for decades. We discussed this 30 years ago in my college accounting classes. The conclusion then seemed to be that, until they can come up with the perfect answer to providing future information, such as a crystal ball or a time machine, it’s best to just stick with what we have, which is really a mish-mash (technical accounting term) of methods of reporting past financial performance. I’m not very optimistic that these current calls for reform will be any more productive than those same demands 30 years ago.
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Posted by taxguru on June 24, 2003
Cost of Life Insurance to Drop As Life-Span Estimates Expand – The old joke goes that actuaries, who study mortality rates for insurance companies, are just like CPAs, but without the personality. I guess another difference is that actuaries don’t have to be as on top of new developments as we CPAs do with the constantly changing tax and accounting rules. It seems that the official life expectancy tables in this country haven’t been updated since 1980. Those tables are just now being revised to reflect the longer average lifespan.
The good news about this, besides actually living longer, is that the insurance companies will be dropping their premium rates. Even if you already have life insurance, it would be a good idea to shop around for the new rates. I doubt if rates will be dropped for existing policies because insurance companies are like the phone companies, where the best rates are only given to new customers and existing clientele have to explicitly threaten to leave before receiving any of the benefits of lower market prices. That’s always bugged me about the phone companies and will most likely be the M.O. for insurance companies.
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