Tuesday, March 08, 2011

End of tax patents?

Tax Notes ($) reports:
In an 87-3 vote, the Senate chose to end debate on S. 23, the America Invents Act. The bill, formerly called the Patent Reform Act of 2011, would make any strategy for reducing, avoiding, or deferring tax liability ineligible for a patent. Pending patents at the date of enactment would be made ineligible, but existing patents would not be affected. 
This is long overdue.  I'm still shocked by the notion that I could be legally forced to choose between paying more tax than the law demands or paying a royalty to the holder of a tax patent for the privilege of obeying the law to the letter.  Allowing tax patents was a deeply subversive idea.

Also, the Senate may act soon on fixing the 1099 debacle. Another seriously flawed idea that undermined confidence in the legitimacy of the tax system.

1 comment:

JLM said...

If this were Facebook, I would click on "Like."