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No. of Recommendations: 2
<Jump up to AGI > $500,000 and you get 1.45% of all returns filed but just under 40% of all taxes paid. Driving up tax rates on higher income is simply going to result in more tax avoidance schemes, to include moving money off shore and holding non-productive assets, complex trusts used to transfer assets, extended life insurance products designed to shelter income, and so on.>

And where in that big list you showed is the concept of common sense based on prior experience? Making all these new rules and regulations will surely benefit the billable hours of the accountants while detracting from the bottom line.

We have seen this movie far too many times over the years.

The idiots that come up with these schemes do so with a calculation that NOBODY will change their behavior in response to these massive changes. Many of the existing policies were made with the intention of incentivizing people to make significant investments in new or existing businesses. When you change the tax code so dramatically in a negative way, the projected revenues dry up. It is as predictable as the sunrise. Yet they wheel it out like it is a shiny new trinket.

When you add in the reality that lots of businesses have shut down during the pandemic (many of them permanently), the idea of making it infinitely more difficult to cover your costs and make a profit screams failure before it starts.

Of course any semblance of warnings from rational voices in the media is a non event.

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