Friday, October 16, 2009

Obama wants to put all your tax info into a database

The database can then be accessed by tax preparers.

You won't have to worry your pretty little head about any of the complicated details of the IRS code. Uncle Sam and your tax professional will take care of everything.

Hey, here is a thought, why doesn't the Congress STOP!! trying to micromanage the lives and property of sovereign American Citizens via a hideously complex IRS code.

Link

The proposal, put forward by Stanford Law School professor Joseph Bankman, is similar to a plan Obama touted during his campaign. Bankman told the tax subcommittee of President's Economic Recovery Advisory Board that such a system could save taxpayers billions of dollars each year.

Credit-card company "Visa doesn't send you a blank piece of paper every month and say, 'write down all your transactions and finance charges and, if you're wrong, there's interest and penalties'," Bankman argued to the panel. Neither should the federal government force taxpayers to provide information it already has, Bankman argued.

As an alternative, Bankman said, the government could also simplify tax filing by bringing taxpayer information together in a database that could be accessed by tax preparers. That could remove an obstacle for some of having to compile W- 2, 1099 forms and other records to hand over to the preparer.

The meeting of the tax panel, headed by former Federal Reserve Chairman Paul Volcker, was the second of the group's meetings that have been streamed live on the White House Web site. The panel also heard presentations from the American Institute of Certified Public Accountants, and the Center on Budget and Policy Priorities.