In a further bit of good news, Washington voters also approved a supermajority requirement for tax increases by a similar margin.
FORBES: Ballot Initiatives Provide Underappreciated Election-Night Victories
Californians also voted to let their state legislature pass budgets with a simple majority, instead of a two-thirds majority, while keeping a two-thirds requirement for any tax increase.
The current argument that raising taxes now is a critical requirement for increasing Federal tax revenues is just not credible.
In response to a struggling housing market and a conservative lending environment, the FHA has added Cadillac pricing to their mortgage products to subsidize a congressionally mandated reserve requirement, and to pay for a tax cut!
FORBES: How The Payroll Tax Cut Is Costing Low Income Borrowers
The GOP bill would extend the tax cuts for all taxpayers -- including the wealthiest Americans -- and includes a requirement that Congress tackle comprehensive tax reform within a year.
According to Americans for Tax Reform, 16 states currently have a supermajority requirement, which acts as a safeguard against tax hikes.
FORBES: Billions In State Tax Hikes, And Breaks, On Nov. 6 Ballot
This provision in Code Sec. 1411 and the proposed regulations thereunder has catalyzed an abundance of reaction by taxpayers and tax professionals who claim this additional requirement is creates an unnecessary burden for real estate professionals.
FORBES: Not so Fast: an Additional Obstacle for Real Estate Professional in the 3.8% Medicare Surtax
And it was Congress that imposed an individual requirement to buy health insurance on each American, with penalties for those who do not comply (hidden tax), with additional costs and penalties on businesses that are another hidden tax on businesses.
The requirement to file a tax return is itself a pretty serious mandate, involving hefty penalties and sometimes imprisonment for those who opt out.
FORBES: Health Insurance Mandate/Penalty is Just Another Tax
This new provision would remove the control requirement for S corporations, making it easier for a shareholder to contribute appreciated assets to the corporation free from tax.
With the complex issues of Social Security and tax reform high on Mr Bush's second-term agenda, the most important requirement for the new team would seem to be a solid grounding in policy wonkery.
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