Lifson installed as NYSCPA president
A nationally recognized tax expert, Lifson recently testified before the Select Revenue Measures of the House Ways and Means Committee on the Alternative Minimum Tax (AMT). Lifson also chaired the NYSSCPA Committee on Tax Reform that issued a comprehensive proposal to revise the current complex tax system with a Simplified Exact Transparent (SET) Tax. The SET tax would tax all incomes over a threshold established by political leaders, reduced by government-approved exclusions, at an economically appropriate and socially acceptable single rate. The SET tax, which is not a flat tax, would eliminate conflicting tax systems and credits and deductions. The AMT would be abolished under SET creating the same income stream under an easy-to-plan-for, easy- to-use, tax system. For more information about the SET tax visit www.nysscpa.org.
“President Bush’s budget for the 2008 fiscal year proposes a $410 million spending increase for compliance programs in order to bring in $29 billion in increased taxes over the next decade. Implementation of the SET Tax acclimates individuals to tax reporting and to taking action whether or not a tax is owed. The SET Tax system would be a vastly more efficient tax system and would collect more of the tax that is due creating a “compliance bonus.” SET would likely produce more revenue in one year than a $410 million investment would produce in a decade. Although our 85% tax compliance rate is the envy of many of our trading partners, a 90% compliance rate would raise significantly more tax and permit Congress to enact lower tax rates to compliant taxpayers, reduce deficits, increase spending for worthy government programs or any combination of the three,” Lifson said.
Lifson has served on the Board of Directors of the American Institute of Certified Public Accountants (AICPA), is a member of its Council and is the past Chair of its Tax Executive Committee. He also currently serves as the Chair of two ongoing Tax Division Task Forces, one dealing with tax shelters, and the other addressing fiscal year flexibility for flow-through entities. He is also a member of the Tax Legislation and Policy Committee and the Planning Committee for the annual National Tax Conference.
A NYSSCPA member since 1975, Lifson has served as President-Elect and Vice President and as a member of its Board of Directors and its Executive Committee. He has chaired its Finance and Real Estate committees. He has also served as a member of its Tax Division Oversight, Taxation of Financial Instruments and Transactions, Taxation of Individuals, Real Estate and Firm Coordinators committees and as a member of its Professional Standards, Alternative Tax System and CPA2 Biz task forces.