The Tax Code needs to go. Yesterday.
No, this is not a rant, though it easily could be. This is a minute section of the code that I am talking about, and I mean minute, but it demonstrates very clearly the problem with layering law upon law.
In my Democracy class, one of the assignments that I am doing is choosing an article in the Federal Register, and commenting on it. If you are not aware of the Federal Register, it is where proposed regulations, laws, and rule changes are posted for a period of time for comment, prior to implementation. Did you know about the Federal Register? Most don't, and of those that do, few take the time to read and comment on it.
So what has got me going on this evening? The IRS, of course. Of course the proposed change is a good thing, but that it even needed to be done is ridiculous. If you want to read it, here is the link. Enjoy, I didn't.
https://www.federalregister.gov/documents/2018/11/23/2018-25538/estate-and-gift-taxes-difference-in-the-basic-exclusion-amount#addresses
To try to sum it up, in the Tax Cut Act in 2017 was a section regarding the Estate Tax. Essentially it increased the amount that is exempt for taxes from $5 million to $10 million. I know, not numbers that would ever have significance to me, but it is an important lesson. The intent was that during this 10 year period that that is in effect. (Remember, it was because of the 60 vote threshold that the Democrats forced the issue that it is only 10 years, and not permanent) That was the intent. However...
Due to existing laws, which the piece points out, if someone gifts during that 10 year period, but dies outside of it, the gift, which is part of the estate, even though it was gifted earlier, is added to the estate, and the estate is taxed as a whole, and even though the gift was given with a $10 million exemption, when factored part of the estate, only $5 million is excepted. Following? If you are, you are better than me, this was nuts. So the point of the proposal is to fix that issue. To change the Tax Code so that the gift is taxed accordingly.
Why did Congress not add something that said: "This law supersedes any previous law impacting this section of the code." They could have. They didn't The intent appeared to be clear, but when the people that do the grunge work of changing the code dug in, they discovered this problem.
When will Congress do its job, and not let others have to clean it up? When will the laws that are not enforced be repealed? Senator Ben Sassse, Never Trumper-NE said it very clear during the Kavanaugh hearings. They are not doing their job. They pass something, give it to the Deep State, Swamp, or bureaucracy, and say "here you go" and then they go and complain about the above mentioned Deep State, Swamp, or simply the bureaucracy, about how they aren't elected, and yet they are making laws that people hate.
Of course, if they tried to repeal laws, and to pass laws that are to be implemented as passed, and not to be added to, the screaming will begin.
But with Congress unwilling to address the very real and catastrophic debt and entitlement problems, why would anyone expect them to address this very real problem? Too bad.
In my Democracy class, one of the assignments that I am doing is choosing an article in the Federal Register, and commenting on it. If you are not aware of the Federal Register, it is where proposed regulations, laws, and rule changes are posted for a period of time for comment, prior to implementation. Did you know about the Federal Register? Most don't, and of those that do, few take the time to read and comment on it.
So what has got me going on this evening? The IRS, of course. Of course the proposed change is a good thing, but that it even needed to be done is ridiculous. If you want to read it, here is the link. Enjoy, I didn't.
https://www.federalregister.gov/documents/2018/11/23/2018-25538/estate-and-gift-taxes-difference-in-the-basic-exclusion-amount#addresses
To try to sum it up, in the Tax Cut Act in 2017 was a section regarding the Estate Tax. Essentially it increased the amount that is exempt for taxes from $5 million to $10 million. I know, not numbers that would ever have significance to me, but it is an important lesson. The intent was that during this 10 year period that that is in effect. (Remember, it was because of the 60 vote threshold that the Democrats forced the issue that it is only 10 years, and not permanent) That was the intent. However...
Due to existing laws, which the piece points out, if someone gifts during that 10 year period, but dies outside of it, the gift, which is part of the estate, even though it was gifted earlier, is added to the estate, and the estate is taxed as a whole, and even though the gift was given with a $10 million exemption, when factored part of the estate, only $5 million is excepted. Following? If you are, you are better than me, this was nuts. So the point of the proposal is to fix that issue. To change the Tax Code so that the gift is taxed accordingly.
Why did Congress not add something that said: "This law supersedes any previous law impacting this section of the code." They could have. They didn't The intent appeared to be clear, but when the people that do the grunge work of changing the code dug in, they discovered this problem.
When will Congress do its job, and not let others have to clean it up? When will the laws that are not enforced be repealed? Senator Ben Sassse, Never Trumper-NE said it very clear during the Kavanaugh hearings. They are not doing their job. They pass something, give it to the Deep State, Swamp, or bureaucracy, and say "here you go" and then they go and complain about the above mentioned Deep State, Swamp, or simply the bureaucracy, about how they aren't elected, and yet they are making laws that people hate.
Of course, if they tried to repeal laws, and to pass laws that are to be implemented as passed, and not to be added to, the screaming will begin.
But with Congress unwilling to address the very real and catastrophic debt and entitlement problems, why would anyone expect them to address this very real problem? Too bad.
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