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Tax Cut: What Does It Mean To You?
July 30, 1999
The Senate today passed a tax cut bill.
So, should you go out and start spending all that extra money, that you'll have because of the tax cut?
Keith McCord says don't be in a hurry,
there's a long way to go yet!
And if you call your accountant right now, and ask, what do you think about this and what does this mean for me?
The answer will go something like this...
Gail Anger/Certified Public Accountant: "I DON'T THINK ANYTHING, BECAUSE IT'S NOT GOING TO PASS, SO WHAT DIFFERENCE DOES IT MAKE? IT'S FUN!"
Here it is, "The Financial Freedom Bill of 1999"--several hundred more pages that will add to the already complicated tax laws of the country.
We checked with several local accountants, and all gave us the same answer--the version passed today will never fly. And because of that, it's really hard to predict how the rest of us will be affected!
And, everyone we spoke with commented about how complex this all is!
Gail Anger: "I WORK IN THIS EVERY DAY AND READ IT ALL THE TIME, AND I STILL DON'T UNDERSTAND THE FULL IMPLICATIONS OF A LOT OF IT."
The words "tax cut" always sound appealing, but because we don't understand most of it, citizens don't get too involved.
"BECAUSE IT'S SO COMPLEX, NO ONE UNDERSTANDS IT. AND A GREAT MAJORITY PF PEOPLE DO NOT BELIEVE THAT THEY CANNOT HAVE ANY EFFECT ON IT, WHEN AS A MATTER OF FACT IF TEN PEOPLE OR MORE WOULD GET INVOLVED IN IT, THE CONGRESSMAN WILL LISTEN TO HIM!"
I have a suggestion for the lawmakers--how about getting rid of all the junk? Take a look at some of the items being included in the new tax cut proposal:
- they're going to restore the so-called "3-Martini Lunch". Yep, we may be able to expense those out again.
- There's also something about tax breaks for poultry farmers, who use the droppings as an energy source!
- And then we spotted this line--"Repeal Excise Tax on Fishing Tackle Boxes." Yeah, I'm sure that one really helps keep the country afloat!
The accountants we spoke with say Congress will pass some kind of tax cut bill this year that the President will sign. They fear however, that it may be late in the year, which means scrambling by the IRS to re-do all the forms, which means a mess when we try to figure out our taxes next year!
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