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Capricious and Arbitrary
From Mary from Marin
This is one of the new PPACA taxes identified by the Heritage Foundation:
2. Codification of the “economic substance doctrine” (Tax hike of $4.5 billion). This provision allows the IRS to disallow completely-legal tax deductions and other legal tax-minimizing plans just because the IRS deems that the action lacks “substance” and is merely intended to reduce taxes owed. Bill: Reconciliation Act; Page: 108-113
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Whoa! THIS one took effect in 2010–wonder how many times it’s been used??????????
Doesn’t this make our tax codes totally capricious? I mean, what’s the point of actually figuring out and filing your taxes if the IRS wakes up one morning and decides to disallow everything, just “because”?
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!snip!
Thoughts?
Steaming Pyle
June 29th, 2012
Well, Roberts has just screwed the pooch (and us) with the tax code. Anything goes, and nothing surprises me anymore.
Unneutral
June 29th, 2012
You need to expect that kind of BS under communism
MaryfromMarin
June 29th, 2012
IMO, this basically says that it doesn’t matter if you have reasonable and legal deductions; if the fed. govt wants you to pay more in taxes, they’ll just ignore their own regulations.
“If this is Tuesday, you can’t take that deduction.”
And only psychics will be able to work as tax preparers.
mkultra
June 29th, 2012
As the great Mark Steyn once said, tyranny is always whimsical.
Stranded in Sonoma
June 29th, 2012
My thoughts?
Repeal the 16th amendment and pass the FairTax. Don’t laugh. With shite like this, the FairTax gets closer to realization every day.
OozleFanoozle
June 29th, 2012
I’ve to send this one to my tax preparer and see what he thinks.
Bob M.
June 30th, 2012
I’m sorry – I wasn’t paying attention.
The IRS & Federal Gummint can kiss my WHAT?
>:-(
Lanie
July 1st, 2012
Time for good people to stop paying another penny to the corrupt, tyrannical federal government. Can Obama hire enough IRS agents to take away the property and wealth of the 50% of Americans who pay taxes? Not if the 50% stop paying any taxes!