Shoot 'Em Up Gunfight Over Taxes at O.K. Corral | AccountingWEB

Shoot 'Em Up Gunfight Over Taxes at O.K. Corral

You heard it first here: the showdown between Senate Democrats and Republicans over the extension of the Bush tax cuts will not be decided until after the November elections, when they return to the Senate on November 15th.   Since the Democrats lack the votes now, the Democrats will wait until after the elections and then attempt to pursue an extension of the Bush tax cuts for the middle class, while raising taxes on the wealthiest of Americans. Don’t hold your breath on that one.
Already the feud is brewing and drawing blood, with Republicans charging how the increase in taxes will devastate our economy, as if it is not devastated already. Here in my home state of Connecticut, the Republican Senatorial candidate, Linda McMahon—believe it or not, the former World Wrestling CEO, who has been seen on occasion in the past jumping into the wrestling ring and kicking a few big steroid boys in the groin (wish she would do that to all those big boys in the Senate if she wins)—is running ads for lowering taxes to boost the economy out of this depression, featuring video clips of John Fitzgerald Kennedy, when he proposed tax cuts back in the early 1960s. Linda, I knew Jack Kennedy; Jack Kennedy was a friend of mine….You’re no Jack Kennedy.
What the public may not recall is that the highest marginal tax rate back then was not 35% but 91%! And the Revenue Act of 1964 decreased the highest marginal tax rate down to 77%, still more than twice the highest marginal tax rate under Bush. So all this raucous between the Democrats and the Republicans is over a 4.6% increase up to 39.6% on those wealthiest Americans earning over $250,000...LOL!  Who cares!
If the Democrats prevail, the extension of just the Bush tax cuts for the middle class will only drive our country into $3 trillion dollars worth of more national debt over the next 10 years; whereas, if the Republicans prevail in the preservation of all of the Bush tax cuts, it will drive our country into $4 trillion dollars worth of more national debt over the same period (weren't the Republicans suppose to be the conservative party?). Max Baucus, the Democratic Senator of Montana, who chairs the Finance Committee, is proposing a bill which preserves the middle class tax cuts permanently but sidesteps the high-end tax rates and the massive $1 trillion Republican investment in AMT relief; however, the bill would allow corporations to receive a refund of a portion of their AMT credits if they invest during 2010 in capital equipment for use in the U.S.  (I like that provision; in fact, I love all investment tax credits:  JFK introduced an investment tax credit 50 years ago.)  His version of the bill would cost only $2 trillion over the next decade.
It’s unfortunate that the gunfight at the OK corral will not take place before the election, because it is certain to be a bloodbath. The Clanton Republicans would—and will, nevertheless—be firing their 45s at the Earp Democrats, charging that raising taxes on anyone right now would be bad for our economy. (I guess we’d be in really big doo-doo if the highest marginal tax rate had remained at 39.6%, huh?!) The Earp Democrats would be firing their buntline specials right back at those Clanton Republicans, shooting to kill, touting that it is immoral to preserve healthy tax cuts for the three million multi-millionaires, who have been rustling us poor, hard-working, honest folks over the past ten years. Isn’t it strange that it is now immoral to have these tax cuts for the rich when it wasn't 10 years ago? LOL!
This is old time, shoot 'em up, politics, the Earps versus the Clantons, the bad guys versus the badder guys.  A band of outlaws, a bunch of crooks.  I always liked the portrayal of Ike Clanton by Lyle Bettger, because he was pure evil...hey, just like all the gun slingers in Washington!  If I thought that they would actually shoot and kill one another, I'd tune in and watch it!  But since it's only high theater, I think I’ll pass and watch the reruns, instead, of “Everyone Loves Raymond”.  It's bloodier and funnier watching Deborah beat up Raymond every night.

Have a tax or an accounting question? Please feel free to submit it under “Comments” at Accounting, QuickBooks, and Taxes by the Barefoot Accountant. For information and assistance on any tax and accounting issue, please visit our website: Accountants CPA Hartford, LLC. 

This blog

The Barefoot Accountant—is a Certified Public Accountant, Certified QuickBooks ProAdvisor,  operating an accounting, tax, and QuickBooks consulting firm in Berlin, Connecticut, Accountants CPA Hartford, Connecticut, LLC.  Bill has instructed graduate and undergraduate courses in Accounting, Auditing, and other subjects at the University of Hartford, Central Connecticut State University, Hartford State Technical College, and Purdue University. He also taught GMAT and CPA Exam Review Classes at the Stanley H. Kaplan Educational Center and at Person-Wolinsky, and is certified to teach trade-related subjects at Connecticut Vocational Technical Schools. His articles on tax and accounting have been published in several professional journals as well as on several accounting websites. William was born and raised in New Britain, Connecticut, and served on the City's Board of Finance and Taxation as well as its City Plan Commission.  Bill is a crazed animal lover, feeding birds, squirrels, chipmunks, skunks, possums, stray cats, and any two-legged or four-legged critter traversing through his yard.  His backyard in Berlin, Connecticut has been certified as a habitat suitable for wildlife by the National Wildlife Federation.

Bill also writes an Accounting, QuickBooks, and Tax blog:  Accounting, QuickBooks, and Taxes by the Barefoot Accountant.  For entertaining articles, please see his listing at The Amazing Brighenti.

More from this blog

Bloggers crew

Steve Knowles has spent 25 years in business and practice in the UK, but he also worked in the states and the years haven't dulled his way of seeing an alternative view to everyone else, and every day is a new adventure.


Joel M. Ungar, CPA is a lifelong resident of the Detroit area and a graduate of The University of Michigan. He is a principal with Silberstein Ungar, PLLC, a Top 15 auditor of SEC public reporting companies.


Allan Boress, CPA, with over 25 years as a practitioner and consultant to the accounting profession. Mr. Boress is the author of 12 published books in 6 different languages, including a best-seller, The "I-Hate-Selling" Book.


Larry Perry, CPA, CPA Firm Support Services, LLC, is the author of accounting and auditing manuals, author and presenter of live staff training seminars, and author of webcast and self-study CPE programs. He blogs about small audits, reviews, and compilations.

Sandra Wiley, COO and Shareholder, is ranked by Accounting Today as one of the 100 Most Influential People in Accounting as a result of her prominent role as an industry expert on HR and training as well as influence as a management and planning consultant. She is also a founding member of The CPA Consultant's Alliance. Sandra is a certified Kolbe™ trainer who advises firms on building balanced teams, managing employee conflict and hiring staff.

Maria Calabrese, CIR, Human Resources manager for Fazio, Mannuzza, Roche, Tankel, LaPilusa, LLC in Cranford, New Jersey, Maria's topics revolve around the world of: Mentoring, Performance management, and The "Y Generation," a.k.a. "The whY generation".


William Brighenti is a CPA, Certified QuickBooks ProAdvisor, and Certified [Business] Valuation Analyst, operating an accounting, tax, and QuickBooks consulting firm in Hartford, Connecticut, Accountants CPA Hartford.


Ken Garen, CPA, is the co-founder and President of Universal Business Computing Company (, a software development firm of high-volume, high-productivity accounting and payroll technology.


Eva Rosenberg, MBA, EA, is the publisher of, and author of the weekly syndicated Ask TaxMama column. She provides answers to tax questions from taxpayers and tax professionals worldwide.


Amy Vetter, CPA, CITP is the CPA Programs Leader for Intacct Corporation responsible for leading the CPA/BPO Partners nationally.

Brian Strahle is the owner of LEVERAGE SALT, LLC where he provides state and local tax technical services to accounting firms, law firms and tax research organizations across the United States. He also writes a weekly column in Tax Analysts State tax Notes entitled, "The SALT Effect." For more info, visit his website:
Scott H. Cytron, ABC, is president of Cytron and Company, known for helping companies and organizations improve their bottom line through a hybrid of strategic public relations, communications, marketing programs and top-notch client service. An accredited consultant, Scott works with companies, organizations and individuals in professional services (accounting, finance, medical, legal, engineering), high-tech and B2B/B2C product/service sales.

Rita Keller is a nationally known CPA firm management consultant, speaker, author, mentor and blogger. She has over 30 years hands-on experience in CPA firm management, marketing, technology and administrative operations.

Stacy Kildal is the mom of two fantastic kids, an Advanced Certified QuickBooks ProAdvisor, Certified Enterprise Solutions ProAdvisor, Sleeter Group Certified Consultant, a nationally recognized member of the Intuit Trainer and Writer Network, and co-host of RadioFree QuickBooks.
Michael Alter's blog specializes in providing practical advice to those who seek greater profitability and practice management tactics that enhance deeper client relationships.

Sally Glick, CMO, Principal, Marketer of the Year in 2003 and AAM Hall of Famer in 2007, leads a lively discussion of the constantly expanding roles of marketing and the professional marketers that drive this initiative in accounting firms of all sizes.


The IMA Young Professionals Blog features the insights of IMA’s Young Professionals Committee. Committee members share advice and experiences on careers, continuing education, work/life balance, and other issues affecting young accounting and finance professionals.


FEI Financial Reporting Blog provides highlights from SEC, PCAOB, FASB, IASB, and other regulatory news, including reporting under Sarbanes-Oxley Sect 404. It is written by Edith Orenstein, Director of Technical Policy Analysis at FEI.


Sue Anderson has 30 years of experience in continuing education for accountants. Currently she is the program director for online CPE provider CPE Link.


Jim Fahey is COO of Apple Growth Partners, a regional CPA firm in Ohio. His focus is on the effective and efficient use of technology within the firm by all team members.

Caleb Newquist is the Editor-in-Chief of Sift Media US, overseeing content for both AccountingWEB and Going Concern.

Leita Hart-Fanta, CPA, CGFM, and CGAP is the author of "The Yellow Book Interpreted" and owner of a website devoted to training for governmental auditors.


AccountingWEB is more than just a U.S. team of journalists and financial and technology experts - we have an international side, too! Members of our British team who publish share their ideas, insights, and perspectives from across the pond.