We would simply overstate your net income by 384%!
Not surprisingly, the White House and Congress speak of the yearly deficit in amounts of 1.3 trillion.
However, if we use the same accounting rules that your business and my business are required to follow, the numbers change to roughly 5 trillion.
Most financial statements would look great to the readers, if you just omitted 90% of the company’s debt. According to this article in USA Today, that’s exactly what governmental accounting rules permit.
I have a novel idea! What not do the same thing that the stockholders would do to a business that pulled this kind of accounting chicanery? Let’s remove these employees from their positions in November.
He is also a founding Board Member and Finance Director of the Fayette Pregnancy Resource Center and serves on the Board of the National Equal Rights Institute.
Latest posts by David Conley (see all)
- Should you be paying “your fair share”:
We destroy another tax myth with facts- March 20, 2019
- Cliff notes of the new tax law:
Our cheat sheet guide to tax reform- March 16, 2019
- March madness-tax humor:
Bracket can be in the eye of the beholder- March 10, 2019