Wipe-Out - What Surfing and Our Tax System Have in Common

Wipe-Out - What Surfing and Our Tax System Have in Common

... Tax Analysts and Pepperdine School of Law held a symposium on federal income taxes... titled "Tax Advice for the Second Obama Administration," (you can watch the video here) but it could have been called "What's Wrong with Our Tax System: Let Us Count the Ways." The panels were excellent and interesting and speakers proposed bold solutions to the problems with our tax system. But to me they also painted a seriously depressing picture. To wit:

With the disparity between rich and not rich growing in this country, our income tax is turning into a wage tax. The wealthy get to be more so under our current tax system and that seems unsustainable. Isn't the estate tax supposed to at least partially address that by going after wealth?

The estate tax, made "permanent" by the fiscal cliff deal, is in desperate need of repair, panelists said. As is the way we tax, or don't, passthrough entities. As is the way we tax multinational corporations. And on and on...

...

View Chris Bergin's opinion in its entirety on the taxanalysts® Blog...

Discover the features and benefits of LexisNexis® Tax Center

For quality Tax & Accounting research resources, visit the LexisNexis® Store