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Tag Archive for Reforms

Italy – Budget Law For 2018 Introduces Major Developments To Domestic Tax System

Elio Palmitessa, Tax Advisor, Italy, TaxConnections

The Italian 2018 Budget Law, approved by the Parliament on 23 December 2017 and turned into Law No. 205 of 27 December 2017, has introduced a package of tax reforms for corporations and individuals.

This is the first of a series of posts on the major developments introduced by Law No. 205. In each post is provided a general overview of a specific tax reform.

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“Abolish The IRS” Distracts From Needed Reforms

Republican presidential candidates Senators Ted Cruz and Mike Huckabee would like to abolish the IRS. They are not saying they want to abolish taxes, just the agency that collects them. Even if either is able to simplify taxes to the point that no taxpayers have questions or need guidance, we still need a tax collector, as well as an auditor to ensure compliance.

A call to abolish the IRS is a distraction. That’s too bad because there are significant improvements needed to our federal tax system – a system that includes not only the income tax, but also employment, excise and estate and gift taxes. Tax reform must be the focal point, not termination of the entity that collects revenues to fund schools and roads, provide national defense, and much more.

The IRS is an easy scapegoat for complaints about our tax laws. But those laws come from Congress. Yes, the Read more