Sunday, May 17, 2009

Coming to a tax return near you

From TigerHawk, on President Obama's proposed tax increases:
... For those of you who know a little about federal personal income or corporate tax, or who just want to get a sense for the scope of the tax increase, I commend to you the more extensive write-up produced by Deloitte Tax. I've clipped some inflammatory excerpts for your morning indigestion, but it is worth scrolling through to get a sense for the breadth and nature of the proposal. The short version is that President Obama is pushing absolutely staggering increases through the corporate and business tax systems. Direct taxes on business are, in general, inefficient and economically disruptive, but they are also peerless in their complexity, which means that few voters and essentially no reporters will make the effort to understand what is being done to them.

Trust me on this: something awful is being done to you. ...

Read it here. Adding more taxes will only retard any economic recovery. Probably the only beneficiaries of a more complex tax code are tax lawyers and accountants. Unless he has Most Favored Special Interest Group status, the little guy, the average taxpaying American citizen, loses.

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