AICPA poll casts doubt on tax proposal effectiveness.A nationwide survey of 1,400 CPA (Computer Press Association, Landing, NJ) An earlier membership organization founded in 1983 that promoted excellence in computer journalism. Its annual awards honored outstanding examples in print, broadcast and electronic media. The CPA disbanded in 2000. tax practitioners conducted by the American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Institute of CPAs'tax division disclosed that many tax proposals now under consideration would do little to stimulate economic growth. In the survey, the tax practitioners were asked to rate a series of tax proposals' effectiveness on a scale of one to four, from very effective to not effective. In releasing the survey results, Leonard Podolin, chairman of the AICPA AICPA See American Institute of Certified Public Accountants (AICPA). tax division executive committee, said, "While the CPAs surveyed are neither economists nor politicians, their solid agreement with some others who have commented on the current tax proposals is based on their wide range of experience and constant contact with their clients, the taxpayers of America' " Among the proposals rated as least effective, only 17% of the tax practitioners thought a proposal to tax capital gains at rates 5% below top marginal rates would be an effective way to stimulate the economy. However, 56% of the CPAs indicated that a capital gains rate 15% below top marginal rates would be very effective. Only 20% of the CPAs thought a $300 tax credit for each child would be effective, and only 30% rated a deduction deduction, in logic, form of inference such that the conclusion must be true if the premises are true. For example, if we know that all men have two legs and that John is a man, it is then logical to deduce that John has two legs. for a loss on the sale of a home as an effective means of stimulating economic growth. An overwhelming 63% of the tax practitioners polled thought an investment tax credit on equipment purchases would be a very effective stimulant stimulant, any substance that causes an increase in activity in various parts of the nervous system or directly increases muscle activity. Cerebral, or psychic, stimulants act on the central nervous system and provide a temporary sense of alertness and well-being as to the economy. The only nontax proposal included in the survey-reducing the federal budget-was rated as very effective by 58% of those polled. Expanding deductible That which may be taken away or subtracted. In taxation, an item that may be subtracted from gross income or adjusted gross income in determining taxable income (e.g., interest expenses, charitable contributions, certain taxes). IRAs was called very effective by 51% of the CPA practitioners. In summing up the results, Podolin said, "While this survey doesn't represent AICPA policy, it can be seen as a strong statement by CPA practitioners who, through everyday contact with their clients, get a very good idea of what those clients are thinking." |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion