Overcooked Duck?

By November 16, 2010Taxation

If you’re a tax lobbyist, virtually every phone call and meeting these days is centered around predicting the outcome of the lame duck session.  Will Congress finally take responsibility and fix the tax mess?  What’s so remarkable about this situation is that we’ve gotten to this point in the first place, after all, Congress has known about this expiration date for a decade.

Congressman Dave Camp, who will likely be the next Chairman of the Ways and Means Committee, said it perfectly today, “Frankly, it is ridiculous and irresponsible for this problem to have lingered this long.  The continued practice of dealing with expired and expiring tax policies after the leaves have begun to fall isn’t fair to taxpayers and doesn’t inspire much confidence in Washington.”

Proposals from the Administration that would treat some tax rates more favorably than others – the so-called “decoupling” compromise also don’t inspire confidence.  It’s too late in the game to be playing politics.  We’re down to the wire now and that means Congress needs to take care of this in the simplest manner possible – extend current tax rates for as long as possible.

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