A Time Bomb of a Tax Code

A Time Bomb of a Tax Code

There's a lot of serious news out there - tragedy, health care, a nuclear Iran. It seems the news of the day roars at us.

But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It's the federal tax system, and it's set to explode. And if it does, there will be damage.

Bomb Ready to Explode

If Congress and the President do nothing about our tax system between now and the end of the year, here are just a few things in the tax law that will blow up. (From a Joint Committee on Taxation Report, JCX-1-12.)

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A friend of mine, who is a great tax policy expert, says we ought to let it happen - and I think he is only half kidding. Because it's going to take a shock like I just described to get our lawmakers to face up to the mess of a tax system we have.

Has it come to that?

View TaxAnalysts'® Chris Bergin's opinion in its entirety on TAX.com.

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