Lieutenant Island Views : Commentary About Finance, Politics and Baseball

Tax Day Lament (circa 2009)

April 15, 2009
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Today is Tax Day all over America. Unlike our current Secretary of the Treasury, more than 65% of all Americans now have professionals prepare their tax returns. With incomes down, few if any capital gains to offset losses and a $3,000 limit to investment losses against non-investment income, tax returns have become less complicated for a lot of people. As I have talked to friends, family and acquaintances ranging from my 89 year old mother (living on a fixed income) to former students in their first year of work, they all have had a similar complaint: the tax preparation cost me as much or more than I saved.
Perhaps Tim Geithner’s do-it-yourself plan was a harbinger of today’s lament!!

In any case, as is almost always true, the Wizard is a source of great wisdomon this subject!

Tax Day Lament (circa 2009)

Tax Day Lament (circa 2009)

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About author

Mr Thaler is currently the Managing Partner of Lieutenant Island Partners, an organization providing corporate finance advice and general consulting to corporations and not-for-profit organizations. Mr Thaler retired as Vice Chairman of Deutsche Bank Securities in early 2008. His background includes experience as an investment banker, senior manager, business builder, college professor, not for profit board chair and trustee. In his thirty plus years as an investment banker for Deutsche Bank and Lehman Brothers, he has been involved in numerous significant debt and equity financings, mergers & acquisitions, leverage buyouts, restructurings and cross border transactions. Of particular note, Mr Thaler has been one of the most active participants and strategic advisors to the homebuilding industry. In a period of significant turmoil and losses, he was one of the few active bankers to the industry who did not have either a loss or credit write down. He is currently advising several public builders on strategic matters and is an adjunct professor of finance at Morehouse College in Atlanta, Georgia. Though he lives in New York, he is a life long Red Sox fan! www.LieutenantIslandPartners.com

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