Thursday, April 17, 2014
What's New in The News after ACA ? TAXES
It’ Time for a new Hot Topic for the Media
The Ukraine and Vladimir Putin now will share the stage with Tax Reform.
Policy makers will shift from health reform to Tax Reform. Media is already filling up column space with articles about the American tax system.
“To Tax the Community for the advantage of a class is not protection, it is plunder” -Benjamin Disraeli
“People who complain about taxes can be divided into two classes: men and women”-unknown
“The hardest thing in the world to understand is the income tax”-Albert Einstein,physicist
What comes next? My best bet is reforming the tax code, and restructuring the IRS. Not much will occur until President Obama is out of office. There have been many Congressional committees examining the code, that have made recommendations, including one by G.W.H.Bush that quietly disappeared
The Healthcare portion of the GDP is said to be about 16-18%, prior to the ACA. In 12 months or at the calculation of GDP what will the healthcare GDP look like. Will it go up, stay the same, or decrease.?
The Federal and State tax portions of the GDP is It differs from state to state, however it hovers at about 15-16% of the GDP, an amazingly similar number as the Healthcare GDP. Tax reform following the affordable care act may be the perfect storm to reduce costs.
Any consideration of a repeal or major amendments to the code are overshadowed by pervasiveness of taxes, deductions, credits designed to stimulate business growth, and stimulate mortgages and home-ownership. An entire industry feeds on the complexities of tax law.
“Income tax has made more liars out of the American people than golf” -Will Rogers, humorist