Word: kerrey
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Foresighted politicians on both sides of the aisle--especially those with an eye toward permanently rescuing the program instead of just postponing its demise--have proposed a meaningful way to salvage retirement benefits. Sen. Bob Kerrey (D-Neb.) has long urged offering workers as tax incentive to devote part of their salaries to incentive to devote part of their salaries to individual retirement accounts...
NOBODY LOVES the IRS. Kerrey-Portman, the bill that would create an outside management board at the agency, passed the House Wednesday by a landslide 426-4 vote, and is ready to roll through the Senate in time for Turkey...
...Struggling to stay out front, tax hawks like Dick Armey and Newt Gingrich are looking to redirect the formidable momentum that carried Kerrey-Portman: Reform of the evil IRS, they insist, is mere prelude to a sweeping reform of taxation itself. "People are tired of the current tax code," said Gingrich Wednesday. "It's not fair to simply say it's about the IRS as an institution. It's also about the code they are trying to enforce...
...individual taxpayer, Kerrey-Portman is a mixed bag. One of its more controversial parts would shift the burden of proof in civil tax court cases from the citizen to the IRS. But of the 120 million individual and corporate returns filed each year, no more than 30,000 end up in tax court. Because settlements are reached in most of those cases, just 1,500 go to trial. At the earlier stages of a dispute, including the audits faced annually by 2 million filers, citizens would still be required to produce records to refute IRS claims. And the change would...
Even with the White House signed on, Kerrey-Portman could run into trouble again in the Senate. House Speaker Newt Gingrich is already unhappy that Archer compromised enough to bring Clinton in on the deal. In the Senate, where the bill will be taken up early next year, Finance Committee chairman William Roth might not be in any hurry to make the deal final if that drags the issue deeper into the '98 campaign season. And all this is just a skirmish in a larger battle plan by some conservatives to sweep away the graduated income tax altogether. Even...