Stealth Tax Act Seeks to Curb IRS
Senate bill 286, "Stealth Tax Prevention Act," has been introduced by Senator Richard Shelby (R-AL) with the intent of keeping tabs on any attempts of the IRS to increase federal revenues with tax increases.
Under the provisions of the act, any IRS regulation that seeks to increase federal revenues over current prices or revenues would be subject to congressional review and disapproval within 60 days after the regulation is issued.
Sen. Conrad Burns (R-Mont.) said the bill "would ensure that the IRS neither usurps the proper role of Congress nor skirts its obligation to identify the impact of its proposed and final rules."
Voice of the Editor
Which isn’t completely true. I mean, occasionally I drop by when I manage to sneak out of the nonstop frat party over at Going Concern, but I’m mostly a wallflower over there. I’m happy to say that I’ve been given express permission (or explicit orders, if you like) to wander over here to AccountingWEB more often.
Why is that, you might ask? My job is to replace the irreplaceable Gail Perry as Editor-in-Chief. What does that mean? I don’t really know! I think it’ll be fun getting a feel for things, throwing in my own thoughts here and there, and listening to the discussions you’re having about the accounting profession.