The Outlook For Taxes This Season
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As we celebrate leaving 2009 behind, we necessarily turn towards 2010 and start considering what the future holds. For example, what does the year hold on tight the tax front?
2009 was a unique year when it stumbled on personal finance because of the unheard of tax relief given to taxpayers. There have been obvious government efforts such as the cash for clunkers program to rejuvenate the auto industry and the first-time homebuyer's tax credit to do the same for housing. Then there were smaller things such as the IRS allowing businesses to retroactively apply losses for five past years to gain big refunds. The goal of each one of these programs was to stabilize the economy and help us all survive a brutal period of time.
While the 2009 tax breaks were great, everything come to end in finance. 2010 may be the year we will see this happen. Most programs are going to go out in the first quarter or half of the entire year and there will be no further extensions. Why? There simply cannot be. The government has tried to spend its way to avoid it of the economic mess, but all indications are we are nearing the point where borrowing is just starting to become difficult. Many Americans are worried about our soaring national debt and devalued dollar and it now appears investors may be as well. This will necessarily lead to the government pulling back on tax incentives.
The other big tax event that seems primed to be implemented this season is the internet sales tax. If the government has debt problems, not quite a third of all states are in massive trouble with California and Arizona leading the way. These states are getting pummeled as property tax revenue dries up with the housing debacle and so are looking for new revenue sources. Most web businesses do not pay sales tax on the sales, which gives them an edge over local brick and mortar shops.
Some states have already started trying to go after on line sales tax. New York famously passed a law permitting the recovery of it so long as the online business had a single affiliate sale in the state. Instead of garnering a tax windfall for the state, large entities like Amazon and Overstock simply terminated all their affiliates in the state! Still, this is a battle which will eventually cause a universal online sales tax being implemented. Given the big shortfalls faced by many states, 2010 seems to be the entire year it involves a head.
Vice taxes are also possibilities this season. Online poker seems peaked for a get back with Barney Frank pushing it in trade for a tax benefit. Other states are seriously considering expanded gambling options and even that funny grass smoked by hippies is on the ballot in some progressive states like California, Oregon and what have you. Will they pass? My crystal ball is a bit fuzzy, but it would appear that some will.
2010 is shaping up to be the year the bill comes due for all the efforts made by state and federal government to deal with the economic collapse. Practically speaking, that means fewer tax breaks and more incremental taxes wherever you look.
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