Author Archives: redsoxbuff

Be very afraid: what will happen if the Republicans win the White House

Writing in The New Yorker, George Packer, author of The Unwinding:  An Inner History of the New America, summarizes in one paragraph what dozens of hours of presidential candidate debates and hundreds of thousands of words of journalistic bloviating will likely come down to less than a year from now:

“Next fall, the Republican Presidential nominee will be committed to taking away health insurance from eighteen million people, keeping the minimum wage where it is, cutting tax rates on the wealthy to historic lows, reducing the progressivity of the income tax, creating trillions of dollars in new deficits, returning to a militarized foreign policy, and allowing Iran to resume its pursuit of a nuclear weapon by tearing up the deal just signed. If, come next November, that nominee wins the Presidency, and Congress remains in Republican hands, these commitments will start to become realities.”

Here’s a link to the full article.

Don’t believe everything you read about the tax code — even in the New York Times

Reporting in 2014 on a proposed tax overhaul that went nowhere, The New York Times  referred to “the 70,000-page federal tax code.” People, I come bearing good holiday tidings:  The federal tax code is nowhere near that long. As Andrew L. Grossman, an attorney with the Congressional Joint Committee on Taxation, points out in Slate,… Continue Reading

Republican fantasy tax plans all “puppies and rainbows”

Let me paraphrase Josh Barro of The New York Times in summing up the tax talk you’re hearing in the Republican Presidential Debates: It’s all puppies and rainbows. As Barro points out here, Marco Rubio would eliminate all taxes on capital gains, which of course would benefit those in the U.S. who have accumulated the most… Continue Reading

ObamaCare tax prep requirements are catching subsidy recipients unaware

The Affordable Care Act made preparing and filing tax returns even more complicated last year (I know, you’d think that wasn’t possible) because of the gymnastics involved in running health insurance subsidies and credits through the tax code. Now we’re learning that thousands of people might lose their health insurance subsidies because they didn’t file… Continue Reading

Boston Bruins and IRS facing off over meal deductions

Businesses can deduct 100% of most ordinary expenses, but only 50% of the cost of business-related meals. When is a meal not a meal for tax purposes? One definition is when it’s an ordinary expense and provided for the convenience of the employer. That’s what the National Hockey League’s Boston Bruins say about the costs… Continue Reading