WASHINGTON, Feb. 20, 2012 (GLOBE NEWSWIRE) -- The American Mustache Institute is spending President's Day on Capitol Hill launching the "Million Mustache March" campaign seeking adoption of the Stimulus To Allow Critical Hair Expenses, or STACHE Act.
The STACHE Act would provide a $250 annual tax deduction for expenditures on mustache grooming supplies in the determination of Adjusted Gross Income. The Million Mustache March campaign supports implementation of the STACHE Act through:
Celebrities ranging from legendary musician John Oates to actress Ellie Kemper of "The Office" to Major League Baseball player John Axford and others have agreed to create campaign-style videos supporting the effort, as for each participant in the Million Mustache March – either online or in Washington on April 1 – H&R Block has agreed to make a contribution to Millions From One, which provides clean drinking water to people who cannot obtain it.
The STACHE Act is based on a 2010 white paper, "Mustached Americans And The Triple Bottom Line," authored by Dr. John Yeutter Ph.D., CFP®, Associate Professor of Accounting and Tax Policy at Northeastern State University in Tahlequah, Okla..
"Given the clear link between the growing and maintenance of mustaches and incremental income, it appears clear that mustache maintenance costs qualify for and should be considered as a deductible expense related to the production of income under Internal Revenue Code Section 212," wrote Dr. John Yeutter.
Dr. Yeutter's research suggests the largely facial-hair-barren U.S. Congress--34 people of facial hair in the U.S. House of Representatives, only John Hoeven in the U.S. Senate, and 26 states without Mustached American representation--has previously provided tax incentives for specific societal segments whose efforts enhance economic growth. For instance, the "Job Creation and Worker Assistance Act of 2002," a bill recognizing the contributions of educators to the American economy, and the corresponding necessary and unreimbursed expenditures to produce those contributions, allowing a special deduction for classroom teaching supplies.
"Long ago U.S. citizens tired of being called 'Ugly Americans,' along with our scientific analysis, demonstrated that good-looking mustaches increase good looks by 38 percent," said Dr. Aaron Perlut, Chairman of the American Mustache Institute. "But those good looks come at a price – in the form of purchasing mustache trimmers, wax, coloring products and bacon. Now it's the government's turn to support our economic needs."
The current limitation on the deductibility of mustache grooming supplies and accessories, as well as the taxation of the additional earnings of the Mustached American, provides a disincentive for the clean-shaven to enjoy the Mustached American lifestyle; a lifestyle that ultimately benefits the perception of all Americans, and one that H&R Block believes should be nurtured.
"We're very serious that Americans should never settle for less when it comes to getting the tax deductions they're entitled to," said Scott Gulbransen of H&R Block. "That's why we are supporting the American Mustache Institute's STACHE Act movement by making charitable contributions to Millions From One for every participant in the campaign."
For more on the Mustached American Tax Incentive including video, the full white paper, and links to contact the Internal Revenue Service and members of Congress, visit StacheAct.com.
The American Mustache Institute (AmericanMustacheInstitute.org), the bravest organization in the history of mankind behind only the U.S. Military and the post-Jim Henson Muppets, is the world's only facial hair advocacy and research organization, with more than 600 chapters and 20,000 global members. Battling negative stereotypes and discrimination against the Mustached American people and based in St. Louis due to the presence of the world's largest mustache – the Gateway Arch – the organization is committed to recapturing the mustache's glory years of the 1970s, when there existed a climate of acceptance, understanding, and flavor saving for Mustached Americans.
About H&R Block
H&R Block, Inc. (NYSE:HRB) has prepared more than 575 million tax returns worldwide since 1955, making it the country's largest tax services provider. In fiscal 2011, H&R Block had annual revenues of $3 billion and prepared more than 24.5 million tax returns worldwide, including Canada and Australia. Tax return preparation services are provided in company-owned and franchise retail tax offices by approximately 100,000 professional tax preparers, and through H&R Block At Home™ digital products. The H&R Block Bank provides affordable banking products and services. For more information, visit the H&R Block Online Press Center.
About Millions From One
Millions from One provides clean water to people around the world who need it most. Thus far, MFO (MillionsFromOne.com) has drilled 14 new water wells around the world, from Africa to India to Latin & South America. Our goal is to drill 1,000 water wells across the world. The funding of the water wells comes through charitable contributions and sales of recycled leather, adjustable bracelets, each stamped with African Adinkra symbols of Love, Hope, Peace and Mercy. MFO has and maintains the promise that each $10 bracelet purchased saves the life of one person by providing clean water to that person for up to 30 years.
About Dr. John Yeutter
Dr. John Yeutter, Ph.D., CFP®, is Associate Professor of Accounting and Tax Policy at Northeastern State University in Tahlequah, Oklahoma, where he teaches tax policy, tax planning, and retirement planning. He holds an MAcc and PhD in Accounting from the University of Oklahoma and is a member of the Oklahoma Society of CPAs and the Financial Planning Association, a regular contributor to CPA Focus, and serves as a Board member of the Tulsa Chapter of the FPA.
American Mustache Institute
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