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Archive | Insights & Perspective

Simplification at Work

The Wall Street Journal recently reported that the IRS”s “Office of Taxpayer Burden Reduction” (more popularly known to you as TBR) is in search of recommendations on how to reduce “taxpayer burden”, meaning the amount of time and money taxpayers have to spend to comply with federal tax obligations. Of course, if you want to provide some recommendations, […]

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$400 Billion

The Internal Revenue Service is claiming that it is not collecting some $400 billion a year in income taxes, The Service blames a lot of this on the so-called underground economy. We believe it unfair to arbitrarily single out a certain group of people for this problem just because they ride the subway. As proof, we point out that tax revenues […]

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Happy Birthday!

Were you 65 years old at the end of 2003? If you did not itemize your deductions, you were entitled to as much as an additional $1,150 in your standard deduction. Suppose you did not turn 65 until January 1, 2004. No problem – you were still 65 last year. The Internal Revenue Service considers you to turn […]

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Rolaids, Please!

As you know, Congress recently passed the Jobs & Growth Tax Relief Reconciliation A.ct of 2003. The word “Simplification” does not appear in the title and is not an oversight. One of the areas of ”relief” in the new tax law relates to capital gains. The new maximum capital gain tax rates (only ten of them now • 5%, 75%, […]

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