What tax that you currently pay do you expect to increase after Inflation Reduction Act?
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Replies to: What tax that you currently pay do you expect to increase after Inflation Reduction Act?
Dem's only tax the rich. Scum Republicans give tax breaks to the rich.
Thank God for Joe Biden and the Democrats.
The retirement savings tax is BS.
The Pharmaceutical tax also seems like a bad idea.
All three of the natural gas, crude oil, and coal taxes will have an effect.
Same with the pass through from the corporate income tax, and the income tax on family businesses.
The audit "tax" is going to really suck.
What about you? Which of those taxes is your favorite?
Have to wait after tax filing to know. But total extra tax paid by taxpayers will be $124 billions
as the bill specified.
We have 144 millions taxpayers in US. That's means for this $124 billions increase, on average $861.00 tax increase per person.
Welp, you just made that all up.
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Yeah, what does an accountant know about it compared to what you heard in 2 min on CNN?
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I know you're likely not a taxpayer, certainly not a taxpayer of schedule C,E, no clue on income tax
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You found me out please report me to the IRS.
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Even 88,000 new hired IRS enforcers don't think you worth pursuit, why should I?
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Higher prices through corporate passthrough & free money to those who are unemployed.
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I wouldn't have a problem with this if the tax code was simplified.
Of course if the tax code was simplified it wouldn't be necessary.
Q doesn’t know a thing about this. Save your breath
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You misspelled "anything"
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PS - Dems would never weaponize the IRS again against their opponents, would they?
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When Baron cries about IRS examining tea party groups. What was the net effect on that?
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Fool me once…
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Whatcha talkin' about Willis?
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When I had a small business, my business partner and I sat in a room with two CPAs
After debating for 15 minutes over whether we could deduct some expense and how, they turned to us and asked us what we wanted to do.
Imagine if we simplified the tax code instead of doubled the size of the IRS.
Eliminate all deductions and credits. Just set a tax rate.
No more CPA's required. No more tax attorneys for the rich. Fewer IRS agents to abuse their powers. Win-win for everyone.
Granted, we would diminish the government's ability to put people in jail when those people piss off the government.
It doesn't have to be complicated.
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Sounds like you had some idiot CPAs w/ you.
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The point is the tax code can be complex at times. There are some business transactions where the
tax treatment is in a grey area. Not all things are black and white when it comes to tax believe me. I do it for a living.
Do you know any small businesses that make $1B in profit?
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Sounds like we have some idiot lawmakers...
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Yeah, that's it.
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Yep. It will be very hard to get an accountant now, and their fees will skyrocket. No win.
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As is, it is impossible to follow the letter of the law.
If two (expensive) CPAs can't agree on what the code says, how is an individual to have any chance?
Speaking of individuals, my father does his own taxes because he's stubborn like that. He says that if you call the IRS and ask a question, then wait 5 minutes and call back to ask the same question, you'll very likely get a different answer.
Also, ask any CPA about the quality of those IRS reps.
It will frequently come down to a decision of paying extortion to the govt, or paying through the nose to show the ignorance of the auditor.
Biden’s World.
As is, it is impossible to follow the letter of the law.
If two (expensive) CPAs can't agree on what the code says, how is an individual to have any chance?
Speaking of individuals, my father does his own taxes because he's stubborn like that. He says that if you call the IRS and ask a question, then wait 5 minutes and call back to ask the same question, you'll very likely get a different answer.