Well, if you've wandered around my blog at all, you've probably figured out that I am opinionated, and libertarian in my views. I have tried to keep my political opinions out of this blog, but I heard something today and it just chapped my hide... I can't take it anymore.
Some of you might know that Barry Bonds recently knocked out the home run that puts him in first place for lifetime home runs. A young guy caught the ball... and he might have a serious problem. I can't tell you much about him, except that I've heard he was a college student. But, he might have to start looking over his shoulder for the tax man.
Some experts are saying that the IRS will be looking to collect a bit over $200,000 from him for catching the ball. You see, experts think the ball is worth about $600,000, and the $210,000 is the amount of gift value this guy received when he caught the ball. So, if he wants to keep it, he'll have to cough up the cash. it doesn't matter if he would never sell the ball... the IRS would say that he has already received the value... and it is income.
It is time to adopt the FairTax. We need to get back to a point where taxation is something that can be understood. If you aren't familiar with the FairTax, please go to the link and read up. It is the most studied article of legislation... ever. It would make our live a LOT easier. Think of what you pay for tax prep and accountants to get ready for tax season. Think of the time you spend in tax prep. And, think of the consequences if you make a mistake. And, despite the fact that the IRS itself can't consistently answer their own questions correctly, making a mistake at some point is likely.
It would make life easier for us, for our buyers and sellers, and even our builders.
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