How to be a popular guy
It's that time of year again: Lots of folks are working on filing their tax returns. As someone who purports to know something about our federal and state tax systems, I get lots of questions heaved at me during this season. I do my best to answer them, with a smile even, but getting the answers right becomes a more daunting task every year as things get more and more complicated. Having spent more than a quarter-century following these things helps, but the pace of change outstrips one's ability to approach true mastery. About the only thing that moves a guy like me up in the ranks of the cognoscenti is the fact that the really old guys continue to die off.
One thing's for sure: There is no longer any one person on earth with a complete understanding of the entire U.S. tax system. It's bigger than all of us.
| Posted at 6:51 PM | Permalink |
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Comments (12)
The good news is that a presidential election is coming up where at least one candidate (Romney) has stated that a goal of his is to simplify the IRC. Of course, this has to be the most commonly ignored campaign promise of all time.
As someone who has considerably less legal experience than you (as in, barely any), I've enjoyed my limited work thus far with the Code. But I'm kind of a nerd.
Posted by Steve | March 21, 2007 7:29 PM
Simplification would require major political compromises, and that's just not what's happening in Washington any more. Look for continued complexification for another decade.
Posted by Jack Bog | March 21, 2007 7:34 PM
Ironically, a perfect revision of the tax code would render it a K-8 course.
With an bullet toward the "K".
Jack excepted, of course, there are WAY too many invested in the density, opacity and complexity of the current code.
Those without pointy hats, complete with stars and crescent moons, need not apply.
Posted by rr | March 21, 2007 7:35 PM
There is one person all-knowing....his name is...something-Turbotax.
Posted by butch | March 21, 2007 7:38 PM
Actually, TurboTax isn't even the master of my fairly simple domain. I've got a form I'm filing this year that TurboTax simply "doesn't support."
Posted by Jack Bog | March 21, 2007 7:42 PM
Look for continued complexification for another decade.
What we really need is some major simplimaficationing.
That's what I'm talkin' 'bout.
I think an IRS penalty is in my immediate future.
Posted by rr | March 21, 2007 7:42 PM
The problem with the tax code is that it's not planful enough.
Posted by Jack Bog | March 21, 2007 7:45 PM
Oh, I agree. No one will ever simplify the Code. It's just one of those hollow promises we hear every four years. Kind of like "cleaning up Washington."
Posted by Steve | March 21, 2007 8:00 PM
Complex and complicated? Not really. The meter maid screams at you and gives you a ticket. You better pay your money or else. That seems pretty easy to understand. Just one example.
Posted by skyview satellite | March 21, 2007 9:18 PM
Jack, you're so humble...and the kids over at the Merc like to think that you consider yourself omnipotent. No need to be so humble, you know you could be easily pulling in $400 or $500 an hour dispensing your lack of true mastery to the poor slob millionaires who are and always will be unsupported by TurboTax.
Posted by Usual Kevin | March 21, 2007 9:27 PM
If I didn't read the WSJ, I wouldn't know that I could deduct a portion of my kid's college tuition paid in 2006. Where does it go? Form 1040, line 35, entitled "domestic production activities deduction." What's next? Deducting wine before sex?
Posted by Bill Holmer | March 22, 2007 8:45 AM
Wine before sex is covered by the Hope credit.
Posted by Jack Bog | March 22, 2007 8:57 AM