Tax Lawyer's Blog

This is classicker than Coke. Andrew Stiles of The National Review wrote the following in Schumer: Tax the Rich, Just Not My Rich (emphasis added): CBS News reports that Sen. Chuck Schumer (D., N.Y.) isn’t such a big fan President Obama’s plan to raise taxes on households making more than $250,000 a year. After announcing his [...]

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Senate Majority Leader Harry Reid (D-NV) voted last December to extend the Bush Tax Cuts. Here is Mr. Reid’s new position on the those cuts:: More than anyone else, these millionaires and billionaires benefited from Bush tax cuts and contributed $3 trillion to our deficit, to help plunge this nation into a financial hole. A balanced approach to [...]

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Here’s President Obama on his latest deficit plan which includes a special surtax on millionaires: It follows a balanced approach: asking everyone to do their part, so no one has to bear all the burden. And it says that everyone - including millionaires and billionaires - has to pay their fair share. Surely the President must know [...]

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WaPo reports: President Obama will announce a proposal on Monday to tame the nation’s rocketing federal debt, calling for $1.5 trillion in new revenue as part of a plan to find more than $3 trillion in budget savings over a decade, senior administration officials said. The proposal draws a sharp contrast with Republicans and amounts more to [...]

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 Who says they can’t get anything done in D.C.? The Journal of Accountancy reports that last Friday President Obama signed into law the Leahy-Smith America Invents Act (HR 1249), which reforms the U.S. patent system and stops the granting of patents for tax strategies: Under the act, any “strategy for reducing, avoiding, or deferring tax liability” is [...]

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“The tenth rule of the ethics of rules and means is that you do what you can with what you have and clothe it in moral arguments. …the essence of Lenin’s speeches during this period was “They have the guns and therefore we are for peace and for reformation through the ballot. When we have [...]

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Jennifer Liberto of CNNMoney has the story: WASHINGTON (CNNMoney) — House Speaker John Boehner drew a line in the sand on taxes on Thursday, saying that a special debt committee tasked with cutting at least $1.2 trillion from federal deficits shouldn’t consider tax hikes. “Tax increases, I think, are off the table,” Boehner said in [...]

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