Congress: Repeal LIFO add 4% surtax on "rich"

CFA General
#1

Probably won’t get passed but ridiculous none the less… http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071024\ACQDJON200710242253DOWJONESDJONLINE001107.htm&

#2

I’ll miss “lifo liquidation” – one of the most euphonic phrases in accounting.

#3

I’d like to know who would lobby for this. Seems like a bit of a random addition. Would the CPA’s of the world like this? I Just don’t get it

#4

LIFO was a tax break cooked up by big business when inflation was running wild in the early 1980s. I don’t think any other country on the planet uses it. It’s high time they killed that albatross.

#5

Sure was funny hearing Rep. Rangel on Kudlow last night talking about it. Talk about 2 different viewpoints!

#6

Yea, this sounds 90% political. And thus, I always defer to free mkt cap :slight_smile:

#7

DarienHacker Wrote: ------------------------------------------------------- > LIFO was a tax break cooked up by big business > when inflation was running wild in the early > 1980s. I don’t think any other country on the > planet uses it. It’s high time they killed that > albatross. Quite, so why is the CFAI so keen on asking questions about it? I swear level 1 in 2006 had about 20 questions on the subject.