I have always thought that our government's tax policy should be driven by its positive impact on economic growth and that it should not be used for social engineering. If tax policy successfully increases economic growth, economic opportunity increases. Economic opportunity is the best way for individuals to progress from one socioeconomic status to the next.
A recent Tax Court case (Powell, TC Memo. 2016-111) reinforces the importance of keeping a detailed mileage log to support your business deductions. In this case, a taxpayer used his personal vehicle in his marketing business. He kept a detailed log with the exact miles driven, destination and purpose for some activities.
Tax policy is an important part of this Presidential campaign. Here is some information that might help you decide which candidate's tax policy is best for the United States economy:
• During President Obama's two terms, taxes have been increased significantly with the promise that these tax increases would reduce the deficit and increase economic growth.
Anyone who knows me understands that I cannot stand hypocrites. After I read this story my blood was boiling. Buffett has been in the news a lot over the last several years pushing his "Buffett Rule". Meanwhile, he has cleverly structured his tax situation to avoid paying taxes.
I personally take my responsibility as a citizen seriously. It is my opinion that I have no right to complain if I am unwilling to do anything to help rectify the situation. Consequently, I frequently attend local government meetings to monitor their activities and make my voice heard. I also write letters and emails to my elected representatives and write letters to the editor.