Proposal would make us adjust for inflation rather than just using cost basis..... https://www.nytimes.com/2018/07/30/u...imes&smtyp=cur
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Who is going to determine the adjustment for inflation?Originally posted by kathyc2 View Post
The client?
Us preparers?Jiggers, EA -
This is not a new idea
I believe some European and Asian countries have similar tax laws where the original purchase price of an asset is indexed for inflation and then long capital gains are determined. The Govt publishes a index table for each tax year. So an older asset would get a bump up in basis.Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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They all say what people what to hear
In general, I pay very little attention to rhetoric like "simplification, postcard, free, keep your health insurance".
If something passes, we'll have instructions and do our jobs correctly. Nothing about taxes is simple. That's why clients need us. And we need them.
Atsman is correct; this is not a new idea. Here are articles from 2013 and 1983:
If you loan someone $20 and never see them again, it was probably worth it.Comment
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Agree
Yes! Agree with you completely.Originally posted by FEDUKE404If you loan someone $20 and never see them again, it was probably worth it.Comment
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I believe Pres. Bush tried to get this change and failed! It would be nice if the limits such as $3000 CG loss deduction against ordinary income and other limits like AOC, Student Loan etc. are also indexed. One way Pres. Trump can make it palatable for Dems is to also index the other limits that middle class taxpayers bump up against and get a whole package of tax cuts done just before 2020. I think it may help him win reelection!Taxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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Excuse me - but I thought that the introduction of controversial remarks on political views was prohibited on this board? Nothing wrong with expressing opinions on how tax legislation will effect the U.S. as a whole or the administration of taxation - but there's a difference when expressing thoughts on outcomes that will effect the election process.Originally posted by ATSMAN View PostUncle Sam, CPA, EA. ARA, NTPI FellowComment
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[QUOTE=ATSMAN;192416] It would be nice if the limits such as $3000 CG loss deduction against ordinary income and other limits like AOC, Student Loan etc. are also indexed. QUOTE]
LOL! Indiana personal exemption of 1,000 has never been indexed and remains the same amount as when it was first implemented in 1963!Comment
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Sorry Uncle Sam. It was not meant to be political commentary. It was just a logical thought of how people react to tax cuts! If the Pres. was a Dem, I would have said the same thing. BTW I am Independent.Originally posted by Uncle Sam View PostTaxes after all are the dues that we pay for the privileges of membership in an organized society. - FDRComment
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Partisan Politics
It can be a fine line between a discussion about congress and tax legislation versus expressing a preference of partisan viewpoint. If we deal with reality, it is impossible to ignore the shenanigans of our elected officials. Some of their tactics are so blatant that if we keep up with them, our intelligence would be insulted. Such congressionally-borne terms such as "postcard"... get real.Originally posted by Uncle Sam View Post
Perhaps if we are looking for an "acid test", it would clearly be if we wandered into expressing favor of one political party over another. That can cause a board such as this one to rapidly degenerate into name-calling and extensive two-sided political discussion. There are blogs for this - too many to mention.Comment
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Nina Olsen, Taxpayer Advocate, recently submitted a report to Congress regarding the new 1040 and a survey of tax professionals' opinions. It was overwhelmingly panned as a political play, and not to the taxpayers' advantage at all. It is presumed most TP's who use it will forgo the appropriate additional schedules and cheat themselves out of rightfully legal deductions. When only 9% of tax returns are self-prepared on paper, the effect of "simplification" is minimal, and does not even exist with this proposed form. Most TP's use software and e-file. Simplification does not come about solely with changing the form; it is achieved with legislation changing the tax code.Comment
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It is also impossible to ignore the proclivities of some of our fellow citizens who elected them, let alone their intelligence level (after all, half the population is below the median intelligence).Originally posted by Snaggletooth View Post
What is ironic is that ATSMAN includes the following quote at the bottom of his posts: "Taxes after all are the dues that we pay for the privileges of membership in an organized society", and then goes on to suggest that maybe Democrats only care about getting their grubby hands on a few extra dollars at the expense of the general welfare of all. The legislative record, including ever-increasing income inequality fostered by the other party, shows the opposite.
I'm not violating the so-called "acid test" here -- " it would clearly be if we wandered into expressing favor of one political party over another." I'm not expressing favoritism, just pointing out historical facts -- you know, real ones, not alternate ones. For all you know, I may be in favor of ever-increasing income inequality! Also interesting to note that the "political" sub-thread had been dead for over a week, when Snaggletooth decided it was important to resurrect it, maybe there wasn't enough political discussion yet for him. :-)Last edited by Rapid Robert; 08-06-2018, 12:37 PM."You said it, they'll never know the difference. Come on, we'll paint our way out!" - Moe HowardComment
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