January 13, 2008 Death and Taxes

In this world nothing is certain but death and taxes. Thank you, Ben Franklin.

In Tennessee, there's a little twist on Ben's quote. As of January 1, 2008, there was an increase in the tax on death as the sales tax for caskets went up.

Lots of other increases will be coming the taxpayer's way--especially with Tennessee's Revenue Commissioner Reagan Farr's plan to increase tax collections by closing tax "loopholes."

Ben Cunningham is always on top of the tax games that politicians play. Check this video about the definition of a tax loophole. Is it really a loophole? Well, it all depends on which side of the loophole you are on.

For the revenue collector, a loophole is bad and reduces revenue collections. For the taxpayer, a loophole is good and is a welcome breath of freedom from otherwise oppressive government.

NOTE: In case you have forgotten, Reagan Farr is Tennessee's illustrious leader who sent revenue agents across the border with other states so he could try to catch border-jumping Tennesseans who were buying cheaper, lower-taxed cigarettes in other states instead of doing their civic duty and paying higher cigarette taxes "for the children."

After confiscating 31,000 cartons, Mr. Farr recently declared victory and decided to wind down his cigarette surveillance efforts! Now he's turning to loophole closing. Watch your wallet!