Joel Stein applies his usual wit to the ongoing tax cut debate for his latest TIME column.
One of the most interesting passages highlights the complexity of the tax system. Before reading this excerpt, it?s helpful to know that Stein reported income of $288,000 in 2009:
After hearing the specifics of my tax returns, [tax lawyer Mike] Foster informed me that I am not rich. The debate is over people who report more than $250,000 after deductions, and I had only $182,532 in taxable income, thanks to my giant mortgage and high income and property taxes. ? Even more confusing, my income was high enough that I had to pay the alternative minimum tax, which makes the Bush tax cut irrelevant. Or something like that. Foster wasn?t sure. ?I don?t even do my tax returns anymore,? he said. ?I don?t know any tax lawyer who does their own tax returns. The forms are Greek even to us.?