2021 saw more than its share of terrible ideas, and worse execution. Here are the Top Ten
President Biden’s promise to never raise taxes for those making $400,000 or less may have helped him win the 2020 election but it created a policy mess. Congress had to stand on its head to make sure BBB tax increases didn’t violate the pledge. It complexified some proposals and dropped others.
: About 95 percent of households make less than $400,000, which is six times median household income. Any alternative tax is an admission of policy defeat. Congress is saying it can’t make the regular tax work so itBut using financial statement income as a tax base is especially fraught. It likely will result in less accurate disclosure to shareholders and won’t reduce tax gaming. And, in the end, book income could end up looking a lot like the flawed corporate income tax base.
. Some blame falls on the pandemic and chronic underfunding but this mess doesn’t make the IRS any friends. OK, Democrats want to aid their House members from high-tax districts who are demanding relief from the $10,000 cap on the state and local tax deduction. But why would they want topercent of household income. There are better ways to provide SALT cap relief and still claim victory.. It is a case study of dysfunctional government.
Despite it all, happy holidays from the TaxVox. May 2022 be better than 2021. And may it be a year when we all can work together to design a better tax system.
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