What good is an election year property tax bill if the folks at home can’t understand it? So, Governor Rendell of Pennsylvania has launched a web page explaining the new bill and its impact for seniors who own homes (since seniors, reputedly get the lion’s share of “relief” from the new bill). Those of us…
Ah, those revenue-raising schemes… They just keep getting better and better. The Senate Finance Committee will vote today on what’s being touted the “pimp tax” proposed by Iowa Republican Charles Grassley. The bill will authorize the expenditure of more than $2 million to establish an office in the IRS Criminal Investigation unit to prosecute unlawful sex…
Earlier this year, Congress again failed to repeal the federal estate tax. As many practitioners anticipated (including this blogger), Congress went back to the drawing board to produce a bill which modifies, rather than repeals, the existing tax. The proposed bill would: Reunify the estate, gift and generation-skipping transfer (GST) taxes. Increase the estate and…
From the Washington Post, an article that suggested that a repeal would hurt the “small rich”…
Pennsylvania has passed a property tax relief bill after debating the issue for a number of years. The full story can be found here.
The Senate failed to garner enough votes to repeal the federal estate tax (again). For more from NPR, click here.
As reported previously, the IRS will be stepping up efforts to curb election year campaign activities from nonprofit organizations following a particularly active 2004 election season that saw all manner of controversy ranging from targeting church speeches to the infamous Swift boat ads. The IRS released a statement reminding charitable organizations that, as a rule,…
It’s tax cut-apalooza on Capitol Hill. No wonder. It’s an election year, and a majority of Americans are not happy with the current state of affairs, including the economy. What’s a lawmaker to do? Cut taxes. So, tax packages are rolling in, purporting to offer “relief” to taxpayers. Most are, in my opinion, targeted at…
The U.S. Supreme Court finally ruled on a landmark tax incentive case involving the rights of individual states to provide tax breaks to corporations who choose to locate manufacturing and other facilities within the borders of those states. The ruling was viewed as key since almost every state in the country has some sort of dispute…
Survivor winner Richard Hatch who was previously convicted of tax evasion was sentenced today to more than four years in federal prison. U.S. District Judge Ernest Torres, who had indicated earlier that Hatch would serve a light sentence, said he issued a harsher than expected sentence because Hatch had committed perjury repeatedly during his trial….