Thursday, December 24, 2009
Is A tax Revolt Forthcoming?
I wonder what would happen, if all taxpayers file their own tax returns reporting all income as usual but include a new or additional form. This form would be a Schedule C showing business income or loss. However, the net would be a loss sufficently large enough to bring taxable income to ZERO! One might call his new company “Geitner Insolvency Group” Business Code 523900, He might be tempted to show income of Zero but deduct as taxes all taxes he paid or had withheld for the year. Then he might deduct as a Bad Debt all Social Security taxes he had paid in since he started working as an other deduction. (At the rate the socialist are going anyone under 55 mostlikely will never collect what was taken from them) I as a tax professional would never suggest this tactic to any of my clients , but I see how anyone who files their own tax return using the free e-file tax section of WWW.IRS.Gov might be tempted to do in that way. If one was so brazen as to try this they might also be smart enough to deposit those funds in a special account and have ready to access if feds storm in!>