Posted: May 03, 2005 By: James Kelley

Subject: Tax Reform

Comment: 1. AMT
a. get rid of
b. revise to have a higher income level before being sucked into it.

2. NOL
a. Get rid of.
1. The normal working person doesn't have this benefit to write-off deficit spending; why reward the rich?
a). Without NOL, someone may have to pay taxes and we can lower the rates?
2. Or limit it to 2 years per business: then that's too bad!!
a.) They shouldn't be in business if they are not making a profit.
b.) Some companies NEVER pay taxes. Especially carrying over 15 - 20 years. This increases my taxes.

3. Itemized Deductions

a. Why not allow everyone a straight percentage of AGI. Using the CPI index, increase the percentage or lower the percentage each year. Get rid of
Schedule A.
1. This would stop the cheating by exaggerating amounts.
2. People that couldn't itemize before could see more fairness in taxes.
b. Put a cap on charitable contributions. Lessen the time to carryover to 2 years only.