December 2004
Dear Survivor of Even More Tax Reform:
Just when you thought you were reformed, along come more reforms to reform the reforms! First came EGTRA (2001) and JGTRRA (2003). We now have AJCA (American Jobs Creation Act) and WFTRA (Working Families Tax Relief Act). The ink had not even dried on WFTRA when policy wonks announced work had begun on a new round of tax reforms.
And that is just the beginning! State Legislators from Maine to California are busy figuring out ways they can fill their coffers through increased taxes and fees. To add to the fun there is a veritable tidal wave of local tax initiatives spanning from local option to school district surtaxes.
Those of us who spend our days working through the byzantine world of tax laws are increasingly skeptical of the merits of further reforms. However, we have come up with our own reform proposal: members of Congress would be required to prepare their own tax return within the time estimated by the General Accounting Office (GAO), work only with assistance materials provided by the IRS and live with the consequences of their own preparation – (no cheating here).
We are convinced if members of Congress had to prepare their own tax returns, the result would be immediate simplification of the tax system. We even have a working title: The Tax Accountants’ Retirement Act (TARA) of 2005.
Once again, we end this year in anxious prayer for the safe return of those courageous women and men who serve our country in a dangerous world.
We also wish you an enjoyable holiday. May the coming year find you and your loved ones grateful for all the blessings we are fortunate enough to take for granted.
TERRY, LOCKRIDGE & DUNN, INC.