Tax Planning for 2010 Down to the Wire

Tax Planning for 2010 Down to the Wire As a changing power base in Washington wrangles over tax policy in the waning days of Congress’ lame duck session, millions of families and investors are reluctantly awaiting the return of the estate tax and presumably much more stringent rules on gifting. Already it’s been a strange [...]

Washington Hotline – December – Week 2 – 2010

Tax Act Debate Opens in Senate On December 9, 2010, Senate Majority Leader Harry Reid (D-NV) introduced The Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. Sen. Reid stated, “This bill is not perfect, but it provides the economic boost middle-class families and small businesses in Nevada and across America need. Middle-class [...]

Washington Hotline – November – Week 5 – 2010

President Pardons Turkeys A Thanksgiving tradition since the days of President Harry Truman is that two turkeys receive a Presidential pardon. Two California-born turkeys named Apple and Cider were at the White House this week to receive the official Presidential pardon. The turkeys were 21 weeks old and the names Apple and Cider were selected [...]

Washington Hotline November – Week 3 – 2010

Fiscal Commission Publishes Draft Report In a surprise press conference on November 10, 2010, Co-Chairs Erskine Bowles and Alan Simpson of the National Commission on Fiscal Responsibility and Reform decided to release a preliminary report. Bowles is a Democrat who served as the Chief of Staff for President Bill Clinton. Simpson is a Republican who [...]

Washington Hotline – November 2010 – Week 1

Taxes and Lame Ducks Following the election on November 2, 2010, Congress will reconvene in a lame duck session on November 15th. A prime topic for the lame duck session will be taxes – income, capital gain and estate taxes. What direction will the Congress take? The House will convene with the current Democratic and [...]

Washington Hotline

WASHINGTON HOTLINE Tax Quote of the Week “[A]ll governments must have a regard not only for what the people are able to bear, but what they are willing to pay, and the manner in which they are willing to pay without being provoked to a rebellion.” – Henry Fox Fiscal Commission Faces Massive Deficit On [...]

Washington Hotline

WASHINGTON HOTLINE Senate Budget Plan Includes Estate Tax Tax Quote of the Week “When you listen to tax-cut rhetoric, remember that giving one class of taxpayers a ‘break’ requires – now or down the line – that an equivalent burden be imposed on other parties. In other words, if I get a break, someone else [...]

Washington Hotline

WASHINGTON HOTLINE Tax Quote of the Week “The point to remember is that what the government gives it must first take away.” – John Strider Coleman Obama and Biden Release Tax Returns It has become customary for the President and Vice President to release tax returns on April 15th each year. President Obama and Vice [...]

Tax Freedom Day is April 9

      April 5, 2010          WASHINGTON HOTLINE Tax Freedom Day is April 9 Tax Quote of the Week Q. I understand that Congress is considering a so-called “flat” tax system. How would this work? A. If Congress were to pass a “flat” tax, you’d simply pay a fixed percentage of your [...]