Jack Lew To Be Nominated For Treasury Secretary, Sent To Penmanship School « Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks

Jack Lew To Be Nominated For Treasury Secretary, Sent To Penmanship School « Dealbreaker: Wall Street Insider – Financial News, Headlines, Commentary and Analysis – Hedge Funds, Private Equity, Banks

tax code nightmare

       I ran for Congress on a platform called the Riley Plan. One important plank was fixing the far too complicated tax code. The proposals proffered in the news today don't go far enough but at least there is a focus on simplification.The tax code is the "currency" used by politicians to maintain power and run for office. The simpler the code the less lobbying and money in Washington DC. 
    National  taxpayer advocate recently released a report on the IRS . I have attached the article link below the quote from Dave Camp.


Undaunted, the top tax writer in the House says he is determined to pass reform legislation this year.

“This report confirms that the code is 10 times the size of the Bible with none of the good news,” said Rep. Dave Camp, chairman of the House and Ways and Means Committee. “Our broken tax code has become a nightmare of loopholes and special interest provisions that create added complexities and costs for hardworking taxpayers and small businesses.”

“Comprehensive tax reform will make sure everyone is playing by the same rules and help businesses create more jobs and invest in their workers,” Camp said.

http://www.washingtonpost.com/business/6-billion-hours-working-on-taxes-national-taxpayer-advocate-says-theyre-just-too-complicated/2013/01/09/51d8a586-5a75-11e2-b8b2-0d18a64c8dfa_story.html

REGULATION is a full time business and is completely out of control.....here is a sample of a course that most banks and investment firms will have to pay for their employees to attend and learn...dont get me wrong this is an important rule and goal..but cmon

SEC Customer Protection Rule 15c3-3

February 27, 2013
Bayards, New York City (Downtown)
7 CPE Credits

See Agenda

This intensive course, which sold out the last time it was offered, will review the details of the Customer Protection Rule 15c3-3 of the SEC. It will go into detail as to how contents of a customer’s account, portfolio positions and money balances, are required to be protected by the securities industry. It will also detail how various calculations are preformed on a daily, weekly and monthly basis to ensure this protection. It will define specifics of what protection means and how it is achieved in the broker/dealer community.

The seminar includes various exercises to ensure the student has a thorough, real-world understanding of the material covered. The course does not require more than basic math skills.

Course Outline 
1. Definition of “customer” as it pertains to rule 15c3-3
2. What does the rule mean by “possession or control?”
3. What components of a customer’s account need to be afforded protection and what components do not. 
4. How do we accomplish protection of customer securities as well as customer funds?
5. What if protection of customer assets is not achieved?
6. Examples of how to calculate protection requirements for both portfolio securities and money balances.
7. Review of Reserve Fund Calculation
8. What is a “qualified security?"

Definitions
-Customer
-Fully – Paid Security
-Margin Security
-Excess Margin Security
-Qualified Security
-Free Credit Balance

Physical Possession or Control
-What is P&C?
-What needs to be in a Broker/Dealers P&C?
-When does P&C need to be obtained?
-Exceptions to P&C

Control of Securities
-Clearing Corporation
-Custody of a bank under specific circumstances
-Special Omnibus Account
-Items in transfer
-Foreign Depository
-Other Bank Depositories
-Items in transit
-Other approved locations

Requirements of P&C
-Determination made each business day
-Monthly for inactive margin accounts
-Time frames for
-Stock Loan
-Fail to Receive
-Bona Short Position
-Transfer
-Written Procedures

Special Reserve Bank Account
-Computation date
-Deposit and Withdrawal Time Frames
-Allowable deposits
-Notification of Banks
-Hindsight Deficiencies
-Exceptions

Formula Computation
-Purpose of Computation
-Includable - Excludable items
-Stock record allocation
-Components of formula
-PAIB

Proposed Rule Change
-PAB Accounts
-Cash Balance Limitations
-Permitted Deposits
-Definition of Qualified Securities
-Reduction of Aggregate Debit Items
-Seg deficits allocating to proprietary and non-customer locations

------------------------------------------------------------------------------------

the cost ? $1000 per employee+ thousands of man hours...reduced productivity...yadda yadda yadda