Keep­ing Up With The Jones Act, And Taxes

MidWeek (Hawaii) - - Front Page - JUST THOUGHTS Bob Jones

sense and a de­sire to let most in­come tax on a post­card!

That would mean a flat rates de­pend­ing on to­tal in­come, and the elim­i­na­tion of most de­duc­tions.

And to­tal in­come would mean just that. You don’t get to shel­ter this and that.

But that would be too easy, right? Ev­ery­one has an ox and does not want it gored.

• Elim­i­nat­ing state and lo­cal taxes as fed­eral de­duc­tions makes sense. A tax is a tax, not a de­ductible con­tri­bu­tion to our state or county.

• Al­low­ing cor­po­ra­tions to repa­tri­ate some of their un- with­out a goug­ing tax hit makes sense be­cause oth­er­wise all that money stays abroad.

• Us­ing a dou­bled stan­dard de­duc­tion rather than item­iz­ing would be great for many peo­ple. But real es­tate sell­ers worry peo­ple might set­tle for that rather than get­ting a de­ductible mort­gage on a new house. Guess who’ll win?

• Even t he Repub­li­can Koch I ndus­tries a gr e e s we need to get rid of most of t hose busi­ness i nter­est-and-loop­hole de­duc­tions. But don’t ex­pect United Con­ti­nen­tal and General Mo­tors to con­sent. They and 25 oth- ers paid no fed­eral in­come tax last year.

• Re­peal­ing the es­tate tax makes sense. The builder of the es­tate paid taxes on his/her ac­quired wealth and should be able to pass it along to an in­her­i­tor who will pay tax on money that wealth makes in the fu­ture.

But lots of oxen get gored with all those pro­pos­als. Some ox own­ers are very pow­er­ful peo­ple who’d much pre­fer giv­ing money as cam­paign con­tri­bu­tions than as taxes.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.