Category: Taxes
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Just say NO to tax reform that increases public debt
What they told you: “The average family will save $1,182 a year under our Tax Cuts and Jobs Act.” What they didn’t tell you: The cost of the massive public debt incurred by giving away almost $2 Trillion to the top 1% will hurt you far more than the measly $1,182 tax savings. The wealthy pay…
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How to defeat tax reform (short version)
(This is the short version of a longer blog post.) Here are two easy ways to help defeat this proposed tax reform legislation: 1. Contact these seven Senators on Twitter to voice your concerns: Lisa Murkowski @lisamurkowski John McCain @SenJohnMcCain Jeff Flake @JeffFlake Rand Paul @RandPaul Susan Collins @SenatorCollins Bob Corker @SenBobCorker Ron Johnson @SenRonJohnson…
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The clear and simple path to defeat this tax reform bill
**A short version of this blog post is posted here.** The post was updated 11/15 to reflect Senator Johnson’s opposition. Republicans in Congress have an obligation to their ultra-wealthy backers to pass a tax reform package that the majority of Americans do not want. While most of us recognize that tax reform is a good thing and…
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18 reasons to oppose the tax reform bill
The U.S. Congressional tax reform plan is still evolving and its effects are still under analysis. Yet it is already easy to take a stand against the bill form a high level analysis of public policy principles as outlined in #1 to #5 below. Objections to specific effects on taxpayers are listed starting at #6.…
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2 reasons to support the tax reform bill
I published a blog post titled “18 reasons to oppose the tax reform bill“. The reasons for opposition are overwhelming and compelling. Yet the tax reform bill is not all bad news. There are two positive points in the proposed law: The reform bill substantially lowers taxes on large international corporations. Most people agree that…
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My Friday client communications
Good communication is key to effective tax and financial planning! In today’s complex environment it is too easy to miss a communication and lose momentum. I try to review the status of all time-sensitive open issues weekly.
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First impressions of Tax Cuts and Jobs Act
FOR ME AND MY CLIENTS: I calculated my own taxes under the tax reform proposal and it’s not a tax cut for me. It’s a wash. I don’t see tax cuts for my middle income self-employed clients but I haven’t taken the time to do calculations yet. New Jersey clients will be hurt by the…
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Chaos, ignorance, propaganda and fraud rule the tax reform effort
“Wouldn’t it be great to Repeal the very unfair and unpopular Individual Mandate in ObamaCare and use those savings for further tax cuts…for the Middle Class. The House and Senate should consider ASAP as the process of final approval moves along. Push Biggest Tax Cuts EVER,” There is so much wrong with this latest statement…
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Tax tip: Avoid Late Filing Penalties
I had a few cases lately where small business organizations filed late tax returns and were then surprised by the size of the IRS late filing penalty. The penalty applies to regular for-profit, nonprofit and charitable organizations. The penalty is assessed even if the organization had no net income. The late filing penalty is applied…
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‘Tuna tail’ public opinion after tax reform?
The president’s most recent public approval rating according to the latest NBC/Wall Street Journal poll: I noticed that the graph looks like a fish. Looking ahead, we will see the impact of the tax reform proposal reflected in the next public opinion poll. If this tax reform proposal is as unpopular as I think it will be…