Comment: I know there are many complex proposals being sent to you, but in my 28 years of experience as a CPA in a medium-sized local firm, I think the following three add significantly to the complexity of the Internal Revenue Code and could be reasonably revised to simplify the understanding of the tax laws for the average person and accomplish the goals they were set out to. They are as follows: 1. Alternative minimum tax- delete it 2. Education tax breaks/savings incentives- Eliminate the variety of current tax incentives and limit it to one good tuition savings plan credit or deduction and one good tuition paid credit or deduction who which will benefit taxpayers up to a reasonable AGI (say 500K) 3. Pension plans- Clean it up (eliminate the large number of plans out there) to a deduction for a reasonable percentage of adjusted gross income (10 to 20%) and in only 2 versions- a tax deductible version (taxable when withdrawn) and a non-deductible version (non-taxable when withdrawn) and reasonable AGI limits (say 500K). Employers or employees would contribute for the employee up to those limits. I could go on and on about reasonable revisions to the tax code, but these three will go a long way toward simplification and should be considered in whatever platform is ultimately determined to be appropriate. You are to be commended for this project. I thank you for allowing input to this project and wish you the best in your efforts. Kevin M. Green, CPA Managing Partner M. Green and Company LLP Tulare, California 559-688-7401 kgreen@mgreencpas.com |