Latest Scoops On Tax


November 4, 2017

President Trump's Full Tax Reform Plan by Katie Pavlich on Scribd

September 27, 2017

President Trump’s Proposed Tax Plan

June 8, 2016

CBO: President Obama’s 2017 Budget Would Discourage Work, Savings

Tax proposals would hamper investment, pass on higher costs to consumers

April 16, 2016

February 23, 2016

A Blueprint for Balance: A Federal Budget for 2017 (From Paul Winfree – The Heritage Foundation)

Study - Government Workers Make 78 Percent More Than Private Sector (From Cato Institute – Chris Edwards) by Greg Karnes

October 8, 2015

Study -  Government Workers Make 78 Percent More Than Private Sector (From Cato Institute – Chris Edwards)

Average pay and benefits $52,688 higher than non-gov’t employees

Washington’s Largest Monument - Government Debt (From Cato Institute - Chris Edwards) by Greg Karnes

September 4, 2015


Surprising Results from Indiana’s Right-to-Work Law (From Buckeye Institute - Tom Lampman)


In 2012, Indiana became the 23 state to enact a “right-to-work” law that prohibits unions from forcing non-members to pay so-called “agency fees” as a condition of working at unionized firms. Supporters of right-to- work laws have argued that such laws promote freedom and labor rights by allowing workers to choose whether to financially support unions. Unions and other opponents of such legislation have disagreed, worrying that barring mandatory agency fees will ultimately lead to “union busting” and hurt union membership and spending. Indiana has been a right-to-work state for more than two years, and some surprising evidence collected by the U.S. Department of Labor now suggests that union claims are overblown.

September 4, 2015


Former Fed Chair Alan Greenspan says the real issue facing the U.S. is not the Fed's monetary policy but the nation's fiscal policy, most especially entitlement programs.

Who Benefits From Mortgage Deductions (From National Center for Policy Analysis - Pamela Villarreal, Matt C... by Greg Karnes

August 24, 2015


Who Benefits from Mortgage Deductions (From National Center for Policy Analysis - Pamela Villarreal, Matt Cafrelli, Joshua Latshaw)


Mortgage-related deductions benefit homebuyers who itemize, and income tax itemizers tend to be middle and higher income earners. However, these tax benefits could be tailored to reduce the cost of home ownership for families in the lowest income quintiles by making a limited tax credit available to non-itemizers.

US Federal Budget Restraint in the 1990s - A Success Story (From Mercatus Center – David Henderson) by Greg Karnes

June 30, 2015


US Federal Budget Restraint in the 1990s - A Success Story (From Mercatus Center – David Henderson)


A new study published by the Mercatus Center at George Mason University reviews the example of the 1990s to debunk some of Washington’s most frequently cited reasons why spending cannot be cut now. The economic and budgetary lesson from the decade is clear: it is possible to reduce federal government spending as a percent of Gross Domestic Product (GDP) by cutting some spending and restraining the growth of the rest. The political lesson equally clear: divided government may make spending cuts more difficult, but it does not render them impossible.

Running Out of Other People’s Money (From Cato Institute-Michael Tanner) by Greg Karnes

June 6, 2015


Running Out of Other People’s Money (From Cato Institute-Michael Tanner)


If a family were to live recklessly, running up their credit cards, and then leaving that debt for their children to pay, we would call them irresponsible. What, then, do we call politicians, from both political parties, who do the same thing on a much bigger scale?

Closing America’s Enormous Fiscal Gap (From Mercatus Center-Kotlikoff-Michel) by Greg Karnes

June 03, 2015


Closing America’s Enormous Fiscal Gap


America faces an enormous fiscal gap. No adjustment that sufficiently addresses the US government’s enormous fiscal gap will be small. Different households will be affected differently by the adjustment, but all will see an increase in their lifetime tax burdens if the gap is closed solely through tax increases—and even a 6 percentage point tax hike would materially reduce a household’s welfare. Delaying the adjustment only increases the magnitude of the burden and shifts more of it onto future generations.

Dynamic Scoring and Congress (From National Center for Policy Analysis - Mike Gajewsky) by Greg Karnes

May 19, 2015


Dynamic Scoring and Congress


Dynamic scoring has been used without fanfare during earlier debates about immigration. The best argument for dynamic scoring is that it accurately reflects the fact that large pieces of legislation will affect the overall size of the economy. The arguments against dynamic scoring fall short. The process the Congressional Budget Office and the Joint Committee on Taxation use will be reported broadly and their work will continue to be backed by rigorous methodological transparency and statistical sophistication. Should one projection be inaccurate, all of the projections will be inaccurate, making it difficult to use the CBO or JCT estimates to favor particular policies.

The Child Tax Credit (From Mercatus Center-Jeremy Horpedahl) by Greg Karnes

May 08, 2015


The Child Tax Credit


First introduced in 1997, the Child Tax Credit (CTC) has grown in size and eligibility to become one of the single largest tax credits available to middle-class families. The CTC provides a significant subsidy to almost all tax- paying families with children, and the US federal and local tax codes contain many other provisions that subsidize child rearing. In the aggregate, the CTC subsidy to families with children has grown to nearly $60 billion, placing it among the list of the largest “tax expenditures”. This is a topic that requires much more scrutiny, primarily to determine if there is a social need for $1,000 more per child. One alternative is to remove the subsidy and lower tax rates by an offsetting amount, which would benefit all taxpayers. It would also provide social benefits in terms of increased productivity and economic growth, and this is the most relevant comparison to any social benefits from additional children.

April 07, 2015


A Tax Reform Primer for the 2016 Presidential Candidates


America needs tax reform. As the 2016 presidential campaign progresses, candidates seeking the presidency will increasingly face questions about how they would address federal tax policy—foremost among them, if they support tax reform and how they would implement it should they become President. There is clear public support for major tax reform: 71 percent of the American public believes that the U.S. tax system needs major changes and reform. Only 5 percent think the tax system is working just fine. Tax reform is a complicated issue that encompasses a wide variety of sub-issues with which candidates will need to grapple if they are to answer those questions effectively. This Heritage Foundation tax primer will help them prepare.

A Tax Reform Primer For 2016 Presidentia[...]
Adobe Acrobat document [204.7 KB]

March 12, 2015


Obama’s Proposed Capital Gains Tax Hike


Capital gains tax hikes do not just affect the wealthy; they affect anyone at any income level who needs access to capital. In today’s struggling entrepreneurial climate, policymakers can ill-afford to impose additional taxes on productive workers and small businesses, or reduce the rate of return on capital investment.

Obama's Proposed Capital Gains Tax Hike.[...]
Adobe Acrobat document [469.7 KB]

March 11, 2015


7 Priorities for the 2016 Congressional Budget Resolution


The national debt exceeds $18 trillion and, absent spending reforms, will continue to grow. As a share of the economy, the national debt already exceeds the nation’s gross domestic product, with the part that is borrowed in credit markets making up nearly three-quarters of this debt. Massive and growing debt hinders economic growth and opportunity by discouraging investment and threatening higher future taxes to pay interest on the debt. Congress should put the budget on a path to balance with health care, retirement, and welfare reforms, while prioritizing national defense in the budget, cutting inappropriate and wasteful domestic spending, and reforming America’s tax code to unleash economic growth.

7 Priorities for the 2016 Congressional [...]
Adobe Acrobat document [122.1 KB]

March 11, 2015


Rendering Unto Caesar: Was Jesus a Socialist?


Jesus was no dummy. He was not interested in the public professions of charitableness in which the legalistic and hypocritical Pharisees were fond of engaging. He dismissed their self-serving, cheap talk. He knew it was often insincere, rarely indicative of how they conducted their personal affairs, and always a dead end with plenty of snares and delusions along the way. It would hardly make sense for him to champion the poor by supporting policies that undermine the process of wealth creation necessary to help them. In the final analysis, he would never endorse a scheme that doesn’t work and is rooted in envy or theft. In spite of the attempts of many modern-day progressives to make him into a welfare-state redistributionist, Jesus was nothing of the sort.

Rendering Unto Caesar.pdf
Adobe Acrobat document [2.0 MB]

March 04, 2015


A Dynamic Analysis of President Obama’s Tax Initiatives


President Obama’s fiscal year 2016 budget includes a number of proposed tax increases on saving and investment and the creation or expansion of a number of tax credits. The Taxes and Growth Model finds the plan would shrink the economy by 3 percent, lower the level of investment by 8 percent, reduce wages by 3.4 percent, eliminate 809,000 jobs, and lose $12 billion in federal revenue over the long run due to lower growth. The plan’s focus on redistribution instead of growth results in a reduction of growth that would hurt many people it is meant to help.

A Dynamic Analysis of President Obama's [...]
Adobe Acrobat document [430.0 KB]

February 18, 2015


Dynamic Scoring Made Simple


Dynamic scoring is a tool to give members of Congress the information they need to evaluate the tradeoffs in tax policy changes. It provides an estimate of the effect tot tax changes on jobs, wages, investment, federal revenue, and the overall size of the economy. Using dynamic scoring, policymakers can differentiate between policies that look similar using conventional scoring methods, but have vastly different effects on economic growth under dynamic scoring. We find that five tax changes with the same static revenue cost can have vastly different effects on GDP, investment, jobs, and federal revenue. The use of dynamic scoring is crucial to ensure that comprehensive tax reform grows the economy and meets revenue expectations.

Dynamic Scoring Made Simple.pdf
Adobe Acrobat document [676.0 KB]

February 06, 2015

The Budget Book: 106 Ways to Reduce the Size and Scope of the Government

In its long-term projections, the CBO warns that failure to get spending and debt under control include a slower economy, a national security risk, and limitations in responding to unexpected challenges. Almost half of all federal spending goes to entitlements; entitlement reform involves complex and extensive policy changes. The Heritage Foundation’s recommendations for spending reforms in the Department of Defense come with a unique caveat: any savings should be reinvested back into strengthening the country’s defense capabilities. Despite the overall Washington spending spree of the last 20 years, defense has not been adequately funded. As Congress takes up the challenge of cutting spending, these recommendations should be part of their plan. The proposals in this volume offer Members of Congress who pledged to get government spending under control specific recommendations that can make their promises concrete.

The Budget Book.pdf
Adobe Acrobat document [2.9 MB]

January 28, 2015

The Budget Control Act and the Outlook for Defense Spending

Federal funding faced a troubled road in the remainder of 2013, including a partial government shutdown beginning October 1, 2013 owing to a failure between the House and Senate to agree to discretionary spending levels and other policy matters. On October 16 Congress passed a continuing resolution through January 15, 2014 that provided $986 billion in overall discretionary budget authority on an annualized basis for FY2014, and essentially extended FY2013 post-sequester Defense spending at $518 billion on annualized basis. However, at this funding level and in the absence of a change to the Budget Control Act, defense spending would face a $20 billion sequester in January. This is because for FY2014, the lowered spending cap for defense was $498.1 billion. The enactment of the Bipartisan Budget Act set forth defense spending limits in place for FY2014 and FY2015.

The Budget Control Act and the Outlook f[...]
Adobe Acrobat document [1.1 MB]

December 30, 2014

Accurate Budget Scores Require Dynamic Analysis

To predict the budgetary impact of a major federal policy accurately, analysts should take into account the policy’s potential macroeconomic effects. This approach, often called “dynamic analysis,” comports with the normal scholarly practice of macroeconomic research. Academic economists do not publish predictions about macroeconomic changes that fail to take into account the interplay and feedback among relevant variables. Congressional analysts should follow the best practices of macroeconomic research by using dynamic analysis and methodological transparency. The current practice of congressional analysts, as exemplified by the Congressional Budget Office’s score of the Dodd–Frank financial law, ignores macroeconomic and even behavioral responses to the law in question, misleading Congress with the pretense of precision.

Accurate Budget Scoring.pdf
Adobe Acrobat document [142.8 KB]

December 22, 2014

Summary of Latest Federal Income Tax Data

The Internal Revenue Service has recently released new data on individual income taxes for calendar year 2012, showing the number of taxpayers, adjusted gross income, and income tax shares by income percentiles. The data demonstrates that the U.S. individual income tax continues to be very progressive, borne mainly by the highest income earners.

Summary of Latest Federaral Income Tax D[...]
Adobe Acrobat document [666.0 KB]

Get in Touch With Me.

Call me at 405 810-8119 with any questions or to schedule an appointment.


Greg Karnes CPA

4301 NW 63rd St, Suite 200

Oklahoma City, OK 73116-1504


Or you may use my contact form.


Competitive Fee Structure


… but if you are looking for the cheapest fees, or obsessing about your correct pronouns or global warming/white privilege B.S., or unable to make up your mind as to whether you are a man or a woman, you would be so much happier working with someone else…

… in addition, due to an extremely hectic schedule, only serious inquiries may expect a response …

New tax clients are expected to provide copies of their last 3 years of tax returns and provide permission to contact prior accountant to resolve any issues, if necessary.


Regretfully, I am unable to accept new clients who have unfiled prior-year’s tax returns, who are not current with all prior tax obligations, are involved in any marijuana-related business ventures, use marijuana or illegal drugs, have any income from gambling, invest in cryptocurrency, are experiencing extreme financial difficulties, are personal-injury attorneys, in the construction industry or are in the country illegally. Newly formed businesses are frowned upon as well.


Though not required, supporters of President Donald J. Trump, Governor Kevin Stitt, the National Rifle Association & clients who are alpha males & females, ethical, hard-working, cheerful, optimistic and NOT easily offended are generally preferred.



Due to the alleged gang activity and drug dealing at the nearby Chelsea Manor Apts. & 7-11 Convenience Store, I would personally recommend "packing some heat" while in this area (and perhaps Penn Square Mall as well). Some believe the OKC Police Dept. has become too constrained and are hesitant to confront these gangbangers and put them behind bars where they rightfully belong. "Talk on the Street" seems to be that this emanates from an extremely weak & naive Mayor who purportedly suffers from a severe case of "Low T," a weak City Manager, a new, effeminate-looking Police Chief, who refuses to enforce our nation's immigration laws & a Ward 6 Council Girl who took her Oath Of Office using a book on Marxism.

Everything that Mayor David “Pajama Boy” Holt & Police Chief “Wily” Wade Gourley need to know to improve law enforcement in OKC is in this book…if only they had some courage...

Calm Guide Sheet by Greg Karnes on Scribd

Make The University of Oklahoma Great Again!


(Let us return to the time before the “Loudmouth Communist Snowflakes” and the less than competent financial administrators arrived on campus)


NOVEMBER 23, 2014



FEBRUARY 16, 2015





NOVEMBER 22, 2014



Top 10

Taxpayer Enemies


Those Individuals Or Groups Who Seem Most Intent On Penalizing Success & Achievement & Desiring A Return To The Days Of Low Economic Growth During The Jimmy Carter/Barry Obama - "Sleepy Joe" Biden Era


(in order, as of today)

The Caracas Caucus


(the Top 10 “Americans” who seem most hell-bent on destroying our jobs & economy in order to advance the cause of centralized government control over our lives and private businesses to the point where we are forced to surrender our individual liberties to the state)

The Terrorist Caucus


Those Individuals Or Groups Who

Come Across  To Me As Ambivalent Towards Islamic

Terror Activities

The "Soft On Crime"

"Hug-A-Thug" Caucus


The Top 10 Individuals Or Groups Who

Come Across  To Me As Coddling The Criminal Element At The Expense Of The Public Safety Of  Law-Abiding Citizens

The “Ugly” Caucus


The Top 10 Individuals On The Taxpayer Payroll That Strike Me As Being Just As Unattractive On The Inside As They Are On The Outside.




The United States leads the world in CO2 reductions

Is the individual depicted above the most ill-prepared person Oklahoma has ever had in a General Election for a U.S. Senate seat?