Joe DioGuardi on Tax Reform

Extend Bush-era tax cuts, even for earners over $250K

Fined by IRS in 1978 for deducting commodity spreads

DIOGUARDI REFUTATION: The year prior to the IRS filing against DioGuardi, the treatment of commodity spreads--which was a practice that was commonly used and recommended by leading accountant firms in the 1970s--was amended. When his family filed their taxes that year, the updated law was not realized.

At that time, taxpayers were subject to a punitive top tax rate of 70%--and Joe sought to protect his family from over-taxation. The tax system was broken, and like many Americans, Joe took steps to reduce his tax burden.

The challenge to the DioGuardi tax return was the result of a new ruling issued by the IRS that changed the treatment of commodity spreads--it had not been a longstanding tax law. The IRS challenged the DioGuardi family tax return in 1978. In the previous year, the IRS issued a ruling that it would no longer accept a tax deduction for losses sustained on those trades. (The Washington Post , 12/21/80)

Implement tax rate reductions without delay

Opposes both marriage penalty & federal tax increases.

The Christian Coalition voter guide [is] one of the most powerful tools Christians have ever had to impact our society during elections. This simple tool has helped educate tens of millions of citizens across this nation as to where candidates for public office stand on key faith and family issues.

The CC survey summarizes candidate stances on the following topics:
• Increase in federal income tax rates
• Elimination of the federal marriage tax penalty [vs. keeping the federal marriage tax penalty]