I’m on the road today, so we’ll make this quick.
I can spend your $54 better than you can. The Des Moines Register reports Iowans can get $54 tax credit; some want it used for roads, The “some” definitely include politicians:
Many Iowans will be eligible for a new $54 tax credit when they file 2013 taxes, according to a calculation from the Department of Revenue, but a key Democratic senator says the money would be better spent fixing crumbling roads and bridges.
State Sen. Joe Bolkcom, D-Iowa City, chairman of the Iowa Senate’s tax-writing Ways and Means Committee, said Wednesday that Republican Gov. Terry Branstad has failed to provide leadership to establish new sources of critically needed road construction revenue.
“Critically needed?” Maybe not. I doubt if the Grand Avenue Bridge to Eternity would have been done faster if they had just spent more money on it. In any case, the politicians’ need for cash is elastic and infinite, no matter how much they have to start with. It bugs them when they already have your money, like the $54, and they have to give it back.
Andrew Lundeen, Kyle Pomerleau, The U.S. Ranks Poorly on Cost Recovery (Tax Policy Blog):
It is common knowledge that the United States has the highest corporate income tax rate in the industrialized world, but it is less well known that our cost recovery system ranks poorly as well.
Currently, the U.S. tax code only allows businesses to recover an average of 62.4% of a capital investment (investments in machinery, industrial buildings, intangibles, etc.). This is lower than the average capital allowance of 66.5% across the OECD…
Ideally, businesses should be able to recovery 100 percent of their investment costs. We could achieve this by shifting to a system of full expensing (which allows complete write off of capital expenses in the first year) or introducing a system of Neutral Cost Recovery (which indexes the investment write-offs for inflation and a real discount rate).
I’d be happy if they’d just stop changing the rules every year.
Going Concern, Baucus Proposal Would Give ‘Legal Authority’ to Regulate Tax Preparers. Buried in with a bunch of other stuff, as expected. If Sen. Baucus would look in the mirror, he’d see where the real problem with the tax system is. Maybe that’s why he wants to regulate preparers instead.
Cara Griffith, Hitting the Jackpot (Tax Analysts Blog)
TaxProf, The IRS Scandal, Day 196
Jack Townsend, Fourth Circuit Reverse Tax Obstruction Conviction Because of Bad Instruction and Affirms Denial of Good Faith Instruction for False Claim Conviction. Even tax protesters are entitled to good jury instructions.
Best spam commenter name ever: “2011 Energy Tax Credits Day Diet Plan When Weight Loss” posted a spam to my spam box this morning. I look forward to learning more about that plan.
And the muskrats are furious. Sentenced to 6 months, Beavers still swaggering (Chicago Tribune)