Sipping my coffee this morning and reading the paper about the proposed capital gains tax cut it struck me that this is a really big change with very unclear consequences.
One of the most interesting stories of the aftermath of the tax legislation is the race to pay property taxes this year in many states so they still qualify for deductions. Clearly this is a big issue for those living in high tax states. The images are amazing when you think about it. When was the last time you saw a line of people to pay their taxes well before the due date?
The state of debate in the country regarding taxes being what it is I thought I would make a few posts on the topic over the next few days. There are many issues with the legislation being discussed (intentionally not using the word debated right now). The issues and implications for North Dakota will need to wait for another post, but it will be forthcoming.
The only difference between death and taxes is that death doesn’t get worse every time Congress meets.
With the debt ceiling issue shelved (temporarily, I mean three months is no time at all) most eyes turn towards tax policy now. There are enough games played regarding language right now, “Tax reform” v. “Tax relief” v. “Tax cuts”, that it would seem we are in for an extended debate, or a really long argument. With leadership apparently content to draft plans outside of the committee process there seems to be little chance to quell discontent from within their own party.