Monday, February 20, 2012

Something I Like About #Tax Reform In President Obama's 2013 Budget Proposal

Here is a good summary from The Journal of Accountancy on the 256 pages in President Obama's 2013 budget proposal devoted to tax reform: There are some good ideas here, especially the elimination of the alternative minimum tax, which has gotten way out of hand since it was first introduced. And I could live with dividends being taxed as ordinary income if corporations were given the same tax treatment for paying them as they are for paying interest - thus eliminating double taxation and also the need for S corporations. But a lot of what is here is just another round of making things even more complicated than they already are. Seems like we could save a lot of tax dollars on administration and enforcement if tax reform included real tax simplification.  Just sayin'!

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