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In the News: AICPA Advocates for Fiscal Responsibility

National debtAs many of you may recall, in an effort to bring attention to how and why the financial sustainability of our nation is at risk, earlier this year the AICPA developed What's at Stake? A CPA’s Insights into the Federal Government’s Finances, which explicitly spells out the issues for policy makers and the public.

Following up on those calls for solutions to our nation’s financial problems, Accounting Today reported that the AICPA’s board of directors recently voted toadopt a resolution calling on lawmakers to do more to ensure the long-term fiscal health of the United States by better controlling the growing national debt. One aspect of this resolution involves the AICPA supporting two non-partisan efforts, the Campaign to Fix the Debt and the Comeback America Initiative, both of which align with the AICPA’s goals of putting America on a better path toward fiscal responsibility.

As AccountingWEB notes, the resolution will also be shared with state CPA societies as the AICPA continues to seek ways to advocate for reduced complexity for American businesses and individuals. Stay tuned.

In more unpleasant financial news, the so-called "fiscal cliff" could raise taxes for 80 to 90 percent of Americans, if no deal occurs before the end of the year.

While the country is fixated on how the political discourse will play out in DC, CBS’s MoneyWatch writes that the AICPA has taken action to alert Americans to 10 common taxes many people don't realize they are paying. To help individuals better understand and plan for these taxes, the AICPA has created the Total Tax Insights™ calculator.

“As Americans witness the national conversation about tax policy, the Total Tax Insights calculator makes the debate more relevant for individuals by estimating the scope and impact of taxes where they live,” said Edward S. Karl, CPA, AICPA’s vice president for taxation.

The MoneyWatch article notes that the utility taxes that Americans pay, such as cable and phone taxes, can add up quickly, as do the so-called "sin taxes" on alcohol and tobacco products.

 “Tax transparency, one of the AICPA’s principles in working for a better tax system, is of fundamental importance in making key decisions that can affect your financial well-being,” added Karl.

In an article about the 10 overlooked taxes, the blogMillionaires Corner points out that ‘when it comes to taxes, knowledge is power’ – and that, readers, is why the AICPA created the Total Tax Insights calculator.

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National debt image via Shutterstock

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