We Need Patience

I have been receiving a lot of e-mail asking whether or not Bush will be correcting some of the other long overdue problems with our tax system. While nobody wishes for sweeping reform of the tax system more than I do, I am also aware that we got to where we are in slow incremental steps, and drastic changes don't fly well with the American people. The hue and cry over the seemingly benign issue of removing the double taxation of corporate income shows what an uphill battle we have in undoing decades of growth in the scope, cost and complexity of the tax system.

I am just as disappointed as anyone that Bush isn't currently pushing as hard for such things as reduced capital gains taxes, removing the insane alternative minimum tax, removing the completely hypocritical limit on deductible capital losses, permanently repealing the estate tax, and really removing the marriage penalty (the provision in his plan only makes a minor token effort on this matter).

I have seen quotes from various GOP rulers who claim that the current tax reduction proposals are only the first step and more will follow. We can only hope that is true. If the JackAss Party remains as disorganized as they currently are, and the GOP can unify behind a tax reduction and fairness theme, we have a good chance of seeing the first positive signs of improvement in decades.

KMK
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 1/16/2003 01:56:00 PM Send this post: