My chronicle of how the IRS and Tax Court affect taxpayers' daily lives.

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Friday, August 20, 2010

Thoughts and Musings

It has been a LONG time since I've posted, so here are just a few random things from today's readings:

From the TaxProf Blog:
The Top 10 Highest State Income Taxes: All Obama Blue States

Forbes, States (And Bill Gates Sr.) Look to Soak the Rich, by Ashlea Ebeling:

1.   Hawaii: 11% (income over $400,000 (couple), $200,000 (single))
2.   Oregon: 11% (income over $500,000 (couple), $250,000 (single))
3.   California: 10.55% (income over $1 million)
4.   Rhode Island: 9.9% (income over $373,650)
5.   Iowa: 8.98% (income over $64,261)
6.   New Jersey 8.97% (income over $500,000)
7.   New York: 8.97% (income over $500,000)
8.   Vermont: 8.95% (income over $373,650)
9.   Maine: 8.5% (income over $39,549 (couple), $19,749 (single))
10. Washington, D.C.: 8.5% (income over $40,000)
 
 
From Reuters
The Congressional Budget Office has estimated that the Troubled Asset Relief Program will cost about $66 billion overall, down sharply from an initial estimate of $350 billion. As the price of the program falls, controversy surrounding it appears to fade, according to Reuters. However, lawmakers who voted for the program might face challenges as the election nears.
 
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Aaron Blau, E.A. is the Vice President of the Central Arizona Chapter of Enrolled Agents and a member of the Government Relations Committee of the National Association of Enrolled Agents. The opinions and ideas expressed here are in no way representative of the official position of the National Association of Enrolled Agents, Arizona Society of Enrolled Agents or the Central Arizona Chapter of Enrolled Agents.

For official comments, please e-mail NAEA Director of Communications at mlockwood@naea.org or Arizona Society president stefaniecampbell@aztaxpros.org.

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"To ensure compliance with the requirements imposed by the IRS, we inform you that, to the extent this communication (or any attachment) addresses any tax matter, it was not written to be (and may not be) relied upon to (i) avoid tax-related penalties imposed under the Internal Revenue Code, or (ii) promote, market or recommend to another party any transaction or matter addressed herein (or in any such attachment). In addition, nothing herein is intended to convey an expression of an opinion as to the likelihood a tax position would ultimately prevail if challenged by the IRS. This communication is intended solely for the person to whom it is addressed; no one else should rely on the tax advice provided herein. The person to whom this advice is addressed is under no obligation to keep the advice or matters related to the advice confidential."