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ISOS: THE TAXMAN TAKES A HOLIDAY
August 29, 2008
The TaxProf tells us that ISO-AMT victims will have a new reason to enjoy the long weekend:
Senate Finance Committee Ranking Member Charles Grassley today announced that he has secured a commitment from the IRS to suspend the collection of the AMT (including interest and penalties) arising out of employees’ exercise of incentive stock options. The suspension gives Congress time to enact legislation that would ease these burdens on affected taxpayers.
The entire ISO statute should be repealed - tax breaks and tax penalties alike. It's a relic of forgotten origins with no policy justification.
As for Senator Grassley's efforts to help the AMT-ISO victims - the good Senator has been on the Finance Committee since 1986 or so, and has had a hand in dozens of tax bills. It's good that he's working to fix a bad law, but it makes me think of this article.
Background here: TAX COURT TO MCLEOD AMT VICTIMS: SORRY, BUT YOU'RE STILL SCREWED
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