The Tax Forum » Barack Obama; http://thetaxforum.org Tax Information Fri, 24 Jun 2011 16:16:00 +0000 en hourly 1 http://wordpress.org/?v= New Jersey, What Not To Do http://thetaxforum.org/1554/new-jersey-what-not-to-do.htm http://thetaxforum.org/1554/new-jersey-what-not-to-do.htm#comments Wed, 28 Jan 2009 00:20:43 +0000 Tax Blog http://thetaxforum.org/?p=1554 “When Barack Obama makes his New Year’s resolutions, at the top of his list ought to be the following: ‘I will not allow America to become New Jersey.’ Think of it as our [New Jersey's] gift to the nation.” These are the words spoken in an editorial in today’s Wall Street Journal in an article titled “New Jersey is the Perfect Bad Example, Obama should look here to see what high taxes do.” As stated by the author, New Jersey, according to the Tax Foundation, has the most hostile business environment in the country. Moreover, as realized by the author, “Over the long run, the only way to have a healthy and growing economy is to do exactly what New Jersey has not: Trust the people with their own money, and create an environment where initiative and enterprise are rewarded rather than penalized. Absent a thorough-going revolution in Trenton, New Jersey may be lost for some time to come. But if Mr. Obama can learn from our bad example and do the opposite, New Jersey’s loss might yet be America’s gain.” I fully agree with the author and can only pray that the New Jersey Legislature will one day realize the wisdom that resonates from the author’s words.

To read the full article by the Wall Street Journal click the words Property Tax.

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This Blog/Web Site is made available for educational purposes only general understanding of the law, not to provide specific legal advice. By using this blog site you understand that there is no attorney client relationship between you and the Blog/Web Site publisher.

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]]> http://thetaxforum.org/1554/new-jersey-what-not-to-do.htm/feed 0 Tax Foundation Debunks Anti-Obama Tax Smear http://thetaxforum.org/1525/tax-foundation-debunks-anti-obama-tax-smear.htm http://thetaxforum.org/1525/tax-foundation-debunks-anti-obama-tax-smear.htm#comments Wed, 28 Jan 2009 00:20:01 +0000 Tax Blog http://thetaxforum.org/?p=1525 You don’t have to have a thousand unread messages in your inbox to believe that sometimes email is a bad thing. An example: apparently an anti-Barack-Obama screed has been circulating via email that lists a dozen of Obama’s alleged tax proposals, all of which (in the email) amount to taxing basically every American. Each of these proposals makes it sounds like he’s going to go after everyone’s firstborn son.

But as the Tax Foundation helpfully points out, basically every assertion made in this email is false.

Some of the assertions in the email (“Obama would tax all capital gains on home sales at 28 percent”) can’t possibly be reasonably construed from anything Barack Obama has ever said or written. In other words, it’s not a matter of some knucklehead doing his best to understand Obama’s plan and just mis-interpreting it. Somebody went out and just lied– made up a bunch of the nastiest stuff they could think of about Obama and called it the truth.

Hard to say how far afield this email has traveled. A quick Google search on specific phrases within the email reveals that it can be found on some very entertaining websites. For example, next time you find yourself poking around on “forums.gunbroker.com,” you can find the email here. The Iowa John Birch Society is all over it too. While it’s distressing to see it posted approvingly anywhere, the good news is that each of these web forums allows readers to comment, and sensible folks have already pointed out that the email in question is completely unsubstantiated.

More pernicious is a website with the harmless-sounding name www.before-you-vote-2008.info/ that has posted the offending email in its entirety, in apparent approval of its contents right here. As long as this idiot wants to keep shelling out $20 a year to own this web domain, he can leave the anti-Obama email in all its unexamined glory as long as he wants.

Of course, in the end, if any American voter reads the anti-Obama email and believes it uncritically, that’s their fault for being lazy. And one could optimistically hope that no one would be that lazy. But the underlying problem is that tax policy is complicated enough that it’s not all that easy to verify or (as is universally true in the case of this email) disprove assertions about candidates’ tax plans.

And even if people don’t explicitly believe the specific assertions made in the email, the theory animating the sender was probably that if you tell a lie enough times about someone, it does affect your perception of them– even if you don’t explicitly believe it’s true.

Someone I respect greatly, who is nonetheless a pessimist about human nature, once gave me the following metaphor for how elections are won and lost: presidential campaigns are like a picture window. One party has a red magic marker and the other candidate has a blue magic marker. Every time the Republicans run an ad, they’re putting a red dot on the window, and every time the Dems run an ad they’re putting a blue dot on the window. If, on election day, there are more blue dots than red dots, the Democrats win.

If my friend’s metaphor is wrong, then this scurrilous anti-Obama email doesn’t matter. But if he’s right, maybe it does.

Which is why the Tax Foundation deserves kudos for taking the email apart point by point and showing that it’s full of lies.

Link to the original site

]]> http://thetaxforum.org/1525/tax-foundation-debunks-anti-obama-tax-smear.htm/feed 0 Evaluating the National Retail Federation’s "Tax Holiday" Idea http://thetaxforum.org/1534/evaluating-the-national-retail-federations-tax-holiday-idea.htm http://thetaxforum.org/1534/evaluating-the-national-retail-federations-tax-holiday-idea.htm#comments Wed, 28 Jan 2009 00:20:01 +0000 Tax Blog http://thetaxforum.org/?p=1534 Yesterday the National Retail Federation published an open letter to President-to-be Barack Obama urging that come January, Obama’s stimulus package should including a national “sales tax holiday,” three ten-day periods in 2009 during which states that normally collect sales taxes on retail purchases would stop collecting them.

A new Citizens for Tax Justice report takes the shine off this idea a bit, noting a few fairly important reasons why a tax holiday might be not the right answer for America at this time.

Among them:

  • As with state sales tax holidays, it’s hard to know whether the benefits would go to consumers or retailers.
  • To the extent consumers would be better off, the savings would go to even the very best-off families. No effort could be made to target these savings to families hit hardest by the current downturn.
  • Even if Congress likes the idea, that’s not enough to implement it. Every state with a sales tax would have to pass legislation to make this work. And then every retailer in these sales-tax states would have to train workers and program computers to stop collecting state sales tax (but keep collecting local sales tax) during the holidays.
  • Since the first proposed tax holiday would take place in March, the immediate effect of such a plan would be to… encourage people to spend less money right now, and wait until March. Which is an odd feature in a stimulus plan.

The CTJ report is here.

Link to the original site

]]> http://thetaxforum.org/1534/evaluating-the-national-retail-federations-tax-holiday-idea.htm/feed 0 WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ http://thetaxforum.org/1466/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99.htm http://thetaxforum.org/1466/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99.htm#comments Wed, 28 Jan 2009 00:19:52 +0000 THE WANDERING TAX PRO http://thetaxforum.org/?p=1466 * It is great when this kind of advice comes from a non-tax personal finance blog. In her post “Should You Trust Your Broker” at OUT OF DEBT CHRISTIAN (Restoring Your Finances and Your Faith) Kathryn advices, “Talk with your tax accountant before making any moves with your money. The broker may THINK he knows tax law but things could have changed. It is best to talk with the tax expert before making decisions that affect your taxes.” Remember – a stock broker is just a salesman who makes his/her living by selling. No sale – no income.

* Fellow twit, and fellow tax blogger, Michael Rozbruch “turned me on” to an article from the Washington Post titled, “Don’t Wait for Obama to Cut Your Taxes”. It provides some good advice and resources.

* The TAXGIRL does not take week-ends off (actually none of “us” do this time of the year). Last Saturday she provided a good answer to a common question in “Ask the taxgirl: 1099 for Closed Business”.

* Kelly answers another oft asked question in “Ask the taxgirl: Running As Fast As I Can”. Her correct answer points up another inequity in the Tax Code – another instance where the taxpayer must bend over. Income is reported on Page 1, increasing AGI, but related deductions claimed on Schedule A (lost to non-itemizers) as “miscellaneous” subject to the 2% of AGI exclusion. To be fair only excess hobby income should be reported on Page 1.

.
And an aside about runners – I have never seen a runner with a smile on his/her face. They all look like they are in pain. Isn’t walking, or riding a bike, a much better and safer form of exercise?
.
* Joe Kristan of the ROTH AND COMPANY TAX UPDATE BLOG reports that “House Ways and Means Committee Chairman Charles Rangel has held on for a convincing victory in our 2008 Taxpayer of the Year voting”.

* From the “I couldn’t have said it better” file – Kay Bell said it all when she pointed out “From the get-go, the lack of oversight in administering the Troubled Asset Relief Program (TARP) has made every bailout handout a very unfunny, and egregiously costly, joke. And since Congress opened up the bailout door so wide, then who’s to stop any legal business form seeking relief?” in her post “Next In Bailout Line: Porn” at DON’T MESS WITH TAXES.

* Kay has also provides a good basic overview of the many educational tax benefits that are available in her post “Rags, Riches and College Costs”

* TAXPROF Paul Caron quotes from the Wall Street Journal to tell us “Obama Plans to Keep Estate Tax” -

“President-elect Barack Obama and congressional leaders plan to move soon to block the estate tax from disappearing in 2010.

Under the Obama plan detailed during the campaign, the estate tax would be locked in permanently at the rate and exemption levels that took effect this year. That would exempt estates of $3.5 million — $7 million for couples — from any taxation.”

*Jeff Rose provides a good answer to ”Reader Question #4- Can I Take a Tax Loss on My Kids 529 Plans?” over at GOOD FINANCIAL CENTS (Helping you make “cents” of your investments).

Jeff smartly ends his answer with, “be sure to speak with your tax advisor just to make sure”.

* An AccountantsWorld.com article reports “Americans Failing Taxes 101”.

A survey by of all people The Tax Institute at H&R Block indicates that “most can’t answer even the most basic tax questions correctly . . . the majority doesn’t know a credit from a deduction”. Duh! Hey – it seems that many Americans have something in common with H+R Block tax preparers!

*WebCPA reports that “IRS May Expand Enforcement During Tax Processing” and pay closer attention to returns claiming the Child and Dependent Care Credit and Earned Income Credit while in the course of the initial processing of returns.

* The weekly NATP member email newsletter reports-

“The IRS has announced that victims of the severe storms and flooding on December 10, 2008, in the city and county of Honolulu, have more time to make tax payments and file returns. As a result, the IRS is postponing certain deadlines for taxpayers who reside or have a business in the disaster area until February 9, 2009. The postponement applies to return filing, tax payment, and certain other time-sensitive acts otherwise due between December 10, 2008, and February 9, 2009.”

* We have a winner – actually two. Peter Pappas of THE TAX LAWYER’S BLOG reports the results of his online poll in “Worst Tax Cheat Poll Results Final: Kiss Your Sister, We Have a Tie”.

* It appears that BO’s proposed economic “stimulus” package will include some individual tax breaks – Among them, according to the press release by Charles Rangel for the House Ways & Means Committee, the following:

· refundable tax credit of $500 per worker/$1000 per couple (up to $200,000 income)
· expansion of EITC
· expansion of child tax credit
· simplification of education credits and making the credit partially refundable
· turning the $7,500 loan for first time home buyers during 2008 into a subsidy (no repayment requirement)
· increased expensing for businesses
· increased bonus depreciation for businesses
· increased (5-year) carryback of net operating losses for businesses
· “prospective” repeal of Treasury’s illegal section 382 ruling (Notice 2008-83).
· annual one-year AMT fix {I added this to list – rdf}

More and expanded refundable credits – great! The mouths of tax-fraud scammers are most certainly watering.

I will provide more information when available.

TTFN

This post is from THE WANDERING TAX PRO

]]> http://thetaxforum.org/1466/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99.htm/feed 0 WHAT’S THE BUZZ? TELL ME WHAT’S A HAPPENNIN’ – http://thetaxforum.org/1478/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99-%e2%80%93.htm http://thetaxforum.org/1478/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99-%e2%80%93.htm#comments Wed, 28 Jan 2009 00:19:52 +0000 Tax Blog http://thetaxforum.org/?p=1478 * Let’s start the BUZZ off with an excellent article by Thursday Bram at Investopedia titled “Refund Anticipation Loans: Ripoff Or Royal Screwjob?”. If you ask me – both!

* Kay Bell reports in her post “California Tax Refunds on Hold” at DON’T MESS WITH TAXES that “the state’s controller says that if lawmakers don’t come up with a way to cover California’s $42 billion budget deficit, on Feb. 1 he will put a 30-day hold on tax refunds and some other payments”.

* Another reason not to rely on tax software, such as Turbo Tax, if you don’t know what you are doing. Kay Bell reports in her post “Geithner — and TurboTax — Grilled Again” that “Geithner acknowledged that he had used TurboTax”.

The “Turbo Tax Defense” doesn’t work in Tax Court – but apparently it works in Congress.

* Kay Bell also writes on taxes for Bankrate.com. She has begun a daily series of tax tips. Friday’s tip – “Second Chance for Economic Stimulus Check” – included the observations and insights of two of her fellow tax bloggers – Bruce the taxguy and yours truly.

* Fellow twit Cindy Morus gives us “Top 10+ Ways to Jumpstart your New Year’s Finances!” over at MEND YOUR MONEY. The list includes – “Set up an appointment with your tax professional early”. Only not too early – make sure you have all your “stuff” before you see your tax pro!

While it is not on the list, an earlier post from Cindy suggests that you “Update Your Beneficiaries”.

* If you missed the online-radio interview with Kristine McKinley of EBIZ TAX TIPS conducted by the “eBay Selling Coach” you can click here to listen.

Also appearing on an online radio program this week was TAXGIRL Kelly Phillips Erb discussing Small Biz Taxes. Click here to listen.

* Peter Pappas of THE TAX LAWYER’S BLOG suggests that we “Repeal the Corporate Income Tax and Bring Those Jobs Back Home”. Be sure to read my comment.

* June Walker provides an excellent and creative answer to a question from a psychiatrist who was confused by the Turbo Tax software treatment of psychological software he purchased in her also excellently titled post, “Software Cannot Replace Experience”. The highlights below are mine.

“Dear Dr. Mark,

.
You see, I’ve been feeling really depressed. Suicidal actually. I bought this software program Mind-Mend. Says it has taken 20+years of psychiatric experience and rolled it up into this software program. There are 10 steps to avoiding stress. One step says do 15 minutes of meditation each day. Another step has me stand on my head for 10 minutes so that my circulation increases. My gym instructor says I should not stand on my head because of an old army injury. I am confused, what should I do?
.
As a doctor you might tell me that stress and suicidal tendencies call for different levels of treatment as well as different levels of urgency and that I should speak with a professional. You might also say that there is no way that 20 years personal experience could be put into a software program and have the same success rate as weekly visits with a therapist when treating something as complex as suicide.
.
This is my round-about of saying what I have said on this blog many times before: A software program written for the simple world of employees cannot replace a tax pro experienced with indie tax situations.”

* Professor James Maule has some interesting comments on depreciation in his post “Just Because It Didn’t Work the First 50 Times Doesn’t Mean It Will Work Next Time” at MAULED AGAIN.

”The depreciation provisions . . . have contributed to the current economic mess by allowing taxpayers to compute taxable income as though their economic position declined when in fact it remained the same or improved”.

Jim agrees with what I discussed at TWTP in my post “Here is Something to Think About”. He discusses the idea in more detail in “Instead of More Favorable Depreciation Deductions, Eliminate Them?”.

Goose the Tax Dog (I am assuming Goose is the name of the Dog) also adds his 2 cents on the topic in his post “Real Estate Depreciation” at THE TAX STUDENT.

I would be interested to hear your comments on what I propose in this post.

* TAXGIRL Kelly Phillips Erb points out that it seems that somewhere someone from the press is giving out bad information on BO’s stimulus package in her post “Ask the taxgirl: Don’t Look for a Second Rebate Check in the Mail!”.

Read my, and Kelly’s, lips – THERE WILL NOT BE ANOTHER “STIMULUS” REBATE CHECK! While he didn’t take my advice regarding refundable credits, at least BO listened to me about rebates.

* Right on Prof Daniel Shaviro of START MAKING SENSE – “Happiest word in the English language {is} ‘Ex”, when placed with a dash in front of the words ‘President George W. Bush’.”

* A great Q+A post from Gina Gwozdz at TAX TIPS BLOG on “1099 vs W2?” She makes the excellent point – “Your employer does not get to decide if they can pay you as a W-2 employee or a 1099 contractor. The law determines your classification.”

* Trish McIntyre of OUR TAXING TIMES provides the word on the economic “stimulus” rebate you did or didn’t receive last year in her post “Stimulus Rebate-Taxable This Year?”. The answer, of course, is NO – for both federal and state returns.

Trish points out that you could get an additional rebate added to the refund, or subtracted from the balance due, on your 2008 Form 1040 or 1040A – “For example, the full stimulus rebate a married couple with one child could receive was $1500. A child born in 2008 qualifies the couple for an extra $300.”

The 2008 “stimulus” rebate election year bribe caused tons and tons of confusion last year, completely overwhelming the IRS – and I expect the confusion to continue to apply to 2008 tax returns. As was the case with the last rebate check, there will be millions of errors on 2008 federal returns.

* I came across an interesting bit of information in my “wanderings” on Thursday – “The Association of Chartered Certified Accountants, the global body for professional accountants, views the U.S. tax regime as one of the world’s most complex, according to Chas Roy-Chowdhury, London-based head of taxation.”

* In item from Freep.com (Detroit Free Press) titled “Tax Rebate Impact on Economy is Weak” we learn “Two University of Michigan economics professors have some advice for President Barack Obama about how not to design his economic stimulus package. Their advice: Don’t make tax rebates a big part of it.”

The professors confirm what I have been saying all along – “Onetime payments from the government are a weak economic stimulus”.

Some statistics from the article – ”The U-M economists found that only 20% of U.S. households mostly spent their tax rebates, while about 48% used their rebate mostly to pay debt and roughly 32% mostly saved their rebate checks.”

* Always leave ‘em laughing – you will find some good parenting advice from BUSINESS PUNDIT in the post “Always Check Your Child’s Homework Before it Gets Turned In”.

TTFN

Link to the original site

]]> http://thetaxforum.org/1478/what%e2%80%99s-the-buzz-tell-me-what%e2%80%99s-a-happennin%e2%80%99-%e2%80%93.htm/feed 0 Ask TaxMama Issue 488 – Ethics vs Power and Confidence http://thetaxforum.org/1456/ask-taxmama-issue-488-ethics-vs-power-and-confidence.htm http://thetaxforum.org/1456/ask-taxmama-issue-488-ethics-vs-power-and-confidence.htm#comments Wed, 28 Jan 2009 00:19:35 +0000 Tax Blog http://thetaxforum.org/?p=1456 Happy Bubblewrap Appreciation Day - Monday January 26th

Dear Family,

Don’t you love to start the day with someone telling you – “You were right!”? That’s what happened yesterday, when Andrew came to work. Naturally, I know that I am often right (and sometimes wrong) – but what was I right about this time?

Ah yes, it was all over the news – Obama re-taking the oath of office.

Clearly, during the Inauguration ceremonies, it was somewhat mangled. Chief Justice John Roberts re-administered the oath, simply as a cautionary measure.(Right after the swearing in, I happened to say – well, that’s going to have to be corrected – very soon. I didn’t expect it to turn into a media spectacle. But that does make sense.)

I was wondering about the documents President Obama had signed, and the Cabinet members he’d had sworn in, etc. before the oath. But if you read the MSN article above, the administration and legal advisors didn’t think that much caution was necessary. But we all know, someday, someone will be unhappy with something and sue that something that was done or signed or decided before the re-taken oath isn’t valid. Sigh. Makes me tired. But I bet that will happen.

We had a bit of excitement this week as the confirmation hearings were going on. This hubbub over proposed Secretary of the Treasury really has the tax professional community in an uproar. At first, I thought his tax errors were simply an oversight. But, reading the documents that the Committee has gathered about Geithner’s tax history (i.e. things he SIGNED), and his own comments that he understood his responsbilities, but made a mistake. Read my – Accountingweb.com blog

But once I saw the documents, it became quite clear that this was a serious breach of ethics. And he just brushes it all aside. Essentially, his bold, strong, confident position vis-a-vis the Senate Committee panel is, forget it. Let’s move on to more important things. Whew! This fellow will be overseeing the IRS?

Oh, don’t worry, Geithner WILL get confirmed. He will be the new Treasury Secretary. After all, people like Paul Volker, Barack Obama and many legislators and others insist that he’s the only man who can do this job at this time.

There is this Fox News article by Glenn Beck that touches on this in an amusing and sarcastic fashion.

But that’s not what I want. I really wish that someone would spell out for me WHY? What are his special skills, or his brilliant vision that make him the ONLY Man? I am not being sarcastic. I’d just like to see an outline of his accomplishments and skills that make him so uniquely qualified. He’s going to be the one overseeing my professional ethics and career – and your tax liability and collections. I’d just like to feel more enthusiastic about him. Wouldn’t you?

In the meantime, everyone’s hard at work in Washington, DC.

In IRS News today, there’s an outline of the Economic Recovery Package from the House Ways and Means Committee; we get guidelines for bartering, and learn how to let IRS know when you move.
http://taxquips.com/index.php?cat=IRSNews

Today’s Money Funny we look at someone who felt the need to change his profession due to the recession…and other career considerations.
http://taxquips.com/index.php?cat=MoneyFunnies

In TaxQuips this week, we get a lesson about old laws on the books in some states about cohabitation; we learn (for federal purposes) whether a boyfriend can claim his girlfriend on his tax return; we deal with an interesting twist to the Stimulus Rebate situation; get into quite a heated discussion about s corporation ‘draws’; and learn that even after many years, and many miles, far away states can reach out and garnish your paycheck for unpaid taxes. Or may they?
http://taxquips.com/index.php?cat=TaxQuips

And finally, our Job Advice of the week gives you an e-book which is a Guide to a Six-Figure Job Hunt 101.
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Incidentally, Monday is Bubblewrap Appreciation Day. Click on the graphic at the top of today’s issue. It will take you a whole work of bubblewrap games and fun. Could be addicting!

As always, we love your feedback, opinions and ideas.
You are what makes all this fun – and interesting!

Please use the Comments link online.
http://taxquips.com/index.php?id=1091

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]]> http://thetaxforum.org/1456/ask-taxmama-issue-488-ethics-vs-power-and-confidence.htm/feed 0 Will Obama “Bend the Curve” on Entitlement Spending? http://thetaxforum.org/1026/will-obama-%e2%80%9cbend-the-curve%e2%80%9d-on-entitlement-spending.htm http://thetaxforum.org/1026/will-obama-%e2%80%9cbend-the-curve%e2%80%9d-on-entitlement-spending.htm#comments Tue, 20 Jan 2009 08:00:24 +0000 Tax Blog http://thetaxforum.org/?p=1026

I am sure Barack Obama will deliver a stirring Inaugural address tomorrow. However, Obama’s most important remarks since his election came in an interview the other day with The Washington Post. There, he promised to convene a bipartisan fiscal summit in February. This has the potential to be the most important step of his Presidency. Yes, at least as important as fixing the immediate economic mess.


It is not the idea of a summit that is so critical—we’ve seen plenty of those in recent years. Nor was it his vow to use some of his copious political capital to confront the controversial issues of Medicare, Medicaid, and Social Security. We’ve heard that promise before too. It was just four years ago that George Bush made precisely the same vow to tackle Social Security. And we all know how that one ended up.


No, it is neither the summit nor the confident commitment that is so important. It is instead, the language he used in his meeting with The Post.


In his discussion of Medicare, for instance, Obama was channeling Peter Orszag, his nominee for Budget Director. When he says, “You can’t solve Medicare in isolation from the broader problems of the health-care system,” that is pure Orszag. So is his talk of “bending the curve” of medical spending (econo-speak for sharply slowing the rate of health cost growth).


Orszag’s (and now Obama’s) diagnosis is on the mark. The cure, however, will be exceedingly difficult. 


And it will take a lot more than fine words.


On Social Security, for instance, Obama breezily told The Post, “Social Security, we can solve.” No problem.


Well, he’ll have to do a lot more than what he promised in the campaign, when his plan centered on rising payroll taxes for a handful of wealthy workers—two years after the end of his second term. That is no way to fix Social Security.


By now, I’m sure Obama knows that in any bipartisan deal, reducing promised future benefits will have to be part of the mix. Period. And that is going to seriously antagonize his friends on the left. On the other hand, Obama is correct when he recognizes that Social Security is the easy bet in the entitlement trifecta.


When it comes to Medicare, “bending the curve” means rationing care. It means, somehow, convincing Americans that the most expensive treatment is not always (or even often) the best care. It means telling them, for example, that Medicare is not going to pay for that back surgery because exercise and anti-inflammatory drugs work just as well, and at far less cost. That is going to anger patients and doctors.


Long-term fiscal reform also means sensible tax policy. And by promising to exempt  anyone making up to $200,000 from any tax increases, Obama has built himself something of a fiscal box. I’m sure Orszag and others have told him that by now as well.


Still, the post-election Obama sounds like he gets it, or, at least for now, he’s listening to people who do. Let’s all hope it lasts.  

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]]> http://thetaxforum.org/1026/will-obama-%e2%80%9cbend-the-curve%e2%80%9d-on-entitlement-spending.htm/feed 0 An Updated Analysis of the 2008 Presidential Candidates’ Tax Plans: Executive Summary http://thetaxforum.org/883/an-updated-analysis-of-the-2008-presidential-candidates-tax-plans-executive-summary.htm http://thetaxforum.org/883/an-updated-analysis-of-the-2008-presidential-candidates-tax-plans-executive-summary.htm#comments Fri, 16 Jan 2009 03:55:31 +0000 Tax Blog http://thetaxforum.org/?p=883 Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to an updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.8 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Under current law, the 2001 and 2003 tax cuts would expire in 2010 and the Alternative Minimum Tax would remain in full force.

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]]> http://thetaxforum.org/883/an-updated-analysis-of-the-2008-presidential-candidates-tax-plans-executive-summary.htm/feed 0 Are Independents Accruing Political Power? http://thetaxforum.org/885/are-independents-accruing-political-power.htm http://thetaxforum.org/885/are-independents-accruing-political-power.htm#comments Fri, 16 Jan 2009 03:55:31 +0000 Tax Blog http://thetaxforum.org/?p=885 In the run-up to the presidential election, the number of voters who call themselves independent is swelling. Both Barack Obama and John McCain can trace their primary victories largely to independents. At the same time, millions of Republicans and Democrats crossed over to vote in the other party’s primary. Doubtless, the presidential election will swing on these voters.

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]]> http://thetaxforum.org/885/are-independents-accruing-political-power.htm/feed 0 An Updated Analysis of the 2008 Presidential Candidates’ Tax Plans: Executive Summary – Revised September 15, 2008 http://thetaxforum.org/890/an-updated-analysis-of-the-2008-presidential-candidates-tax-plans-executive-summary-revised-september-15-2008.htm http://thetaxforum.org/890/an-updated-analysis-of-the-2008-presidential-candidates-tax-plans-executive-summary-revised-september-15-2008.htm#comments Fri, 16 Jan 2009 03:55:31 +0000 Tax Blog http://thetaxforum.org/?p=890 Both John McCain and Barack Obama have proposed tax plans that would substantially increase the national debt over the next ten years, according to a newly updated analysis by the non-partisan Tax Policy Center. Compared to current law, TPC estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.

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