Quote:
Originally Posted by bnorth
You guys are looking at this all wrong. This is a government program to get more business for those poor underpaid tax professionals. Just wait till you don't pay a tax professional a few thousand for that $125 of profit you made selling $1000 worth of old no longer wanted junk on eBay and get audited.
It is a win win for everyone.  |
Actually no. Back during the start of Reagan's second term in office they proposed a major tax bill called the Tax Reform Act of 1986. The first time Reagan appeared on TV to talk about it they had a copy of the proposed new law sitting on a small table next the podium, and the damn thing was well over 1,000 pages thick. It was ultimately passed into law as the Tax Reform Act of 1986. They actually had to create and pass this new law to try and correct and make up for some earlier stupid tax legislation that had gotten passed back in '80-'81, not long after Reagan took office. And typical government way of doing things, they went way too far in the other direction to try and fix their earlier screw-ups, and ended up making things possibly more convoluted and worse than before, and literally ravaged the commercial real estate market nationwide for the next four years or so, and directly led to the downfall of numerous savings and loans businesses and other lendors across the country.
After all that, friends and colleagues I knew in the industry, including myself, all started referring to the newly passed law as the All Employment Act for Accountants and Attorneys of 1986. Now that was a government program that created way more work than anyone ever expected! This new crap will be a pain, but not like that was back in the late '80s.