Posts Tagged ‘Adrienne Gonzales’

Tax Roundup, 10/24/2012: Despite the Yankees, New York is #1!

Wednesday, October 24th, 2012 by Joe Kristan

A deserved number 1 rating for New York.  The Yankees may have left the postseason meekly, but their state still gets a richly deserved number 1 rating:  State and Local Tax Burdens Highest in New York (Tax Foundation):

 

It certainly is a better measure of New York’s tax system (bad) than the strange rating we reported on yesterday, ranking New York as the best system in terms of “Progressivity, adequacy and efficiency.”

Related: Russ Fox,  Tax Foundation Releases State & Local Tax Burdens

 

Jason Dinesen has an excellent analysis of how “targeted” tax breaks fail:  Small Business Health Insurance Credit — Nice in Theory But Not in Execution: 

There are many, many problems with this credit. One,  it’s quite possible that a business might be better off NOT taking the credit and instead just taking a deduction for the premiums paid. In other words, some businesses might owe more tax by claiming the credit! (I have run the numbers on this, and it’s true.)

In addition, the credit has unfriendly phaseouts: as soon as your employee count gets above 10 or average wages tick above $25,000, the credit starts to phase out. Plus, the calculation of full-time employees, and the calculation of the credit in general, is cumbersome.

With these things in mind, it’s no wonder that most businesses aren’t taking the credit.

The tax law is a big clumsy hammer.  When you try to use it as a scalpel, nothing good happens.

 

A parting gift to preparers from Doug Shulman:  IRS Sells Confidential Information of 850,000 Tax Preparers for $35 (TaxProf)

Jim Maule thinks its fine for the government to track your auto use: Defending the Mileage-Based Road Fee.  He trusts the government much more than it deserves.

Robert D. Flach posts his Wednesday Buzz roundup of tax posts.

 

Brutal Assault on Reason Watch: 

Kay Bell,  Tax talk sneaks into foreign policy debate

Patrick Temple-West,  Essential reading: Checking tax facts from the presidential debate, and more (Tax Break)

Howard Gleckman,  The Ten Biggest Differences between the Romney and Obama Tax Plans (TaxVox)

Philistines.  NY’s Highest Court Rules 4-3: Lap Dances Are Not ‘Art’ and Thus Not Exempt From Sales Tax  (TaxProf).  More from Peter Reilly and Anthony Nitti. Lest you think this is of interest only to the boy bloggers, Adrienne Gonzalez posts Majority of New York Court Rules Lap Dances Taxable; Questions the Artistic Integrity of Strippers Everywhere.

Share