Gilbert Gutknecht: “I would like to quote from a famous news anchor: ``Finally, a few words about Federal taxes and what some of the great…”

“I would like to quote from a famous news anchor: ``Finally, a few words about Federal taxes and what some of the great minds in the U.S. Treasury are thinking about. ``The Treasury likes to calculate American people's income on the ability to pay taxes, based not on how much money we have but on how much we might have, or could have had. For example, a family that owns a house and lives in it, the Treasury figures that if the family did not own the house and rented it from somebody else, the rent would be $500 a month, so it would add that amount--$6,000 a year--to the family's so-called imputed income. Imputed income is income you might have had but don't. They don't tax you on that amount. The IRS does not play this silly game. Instead, the Treasury calculates how much they could take away from us if they decided to. ``If that were the system, consider the possibility. How about being taxed on Ed McMahon's $10 million magazine lottery? You didn't win it, you say. But you could have. ``The Treasury must have something better to do. If not, there is a good place for Clinton to cut some spending.'' David Brinkley, ABC news, February 28, 1993.”