Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
Democratic leaders met this week to talk turkey and decided on two things: A vote on the Bush tax cuts won’t happen until after Thanksgiving; and The Bush tax cuts will be extended for those making $250,000 or less. And that’s all we have. That means there’s a lot, obviously, that we don’t know. Here…
So you cheat at work and get caught… What can happen? You could get fired. You could lose some pay. You could be suspended. Or you could just get a tongue lashing and have to make it right. The House ethics committee is opting for the latter in the case of Rep. Charles Rangel (D-NY)…
After Charles Rangel (D-NY) walked out of a contentious hearing on ethics charges, the subcommittee debated the charges without him and found him guilty of 11 violations. The subcommittee found “clear and convincing” evidence of guilt, including failing to pay taxes on rental income earned on a house in Dominican Republic. Of all of the…
Nothing is quite so exciting as a lame duck Congress. And I mean that in the most snarky, sarcastic, rolling of my eyes kind of way. For the next month and a half (okay, a month on account of the holidays), expect to be bombarded by lots of reports about what could happen. Here’s what…
Rep. Charlie Rangel (D-NY) asked for more time today to prepare for his ethics subcommittee hearing. Rangel told the panel that he has not had enough time to hire new legal counsel to address the numerous allegations of ethics violations. Rangel’s last legal team, Zuckerman Spaeder, reportedly gave him the heave-ho in September and Rangel…
As a parent, I spend a lot of time waiting. I have watched my son eat a peanut butter and jelly sandwich for an hour. Just this morning, my six year old took over ten minutes to change a pair of shoes (slip ons). And my eight year old, book in front of her face,…
So, none of us have a crystal ball but earlier this week, I made some predictions about potential tax changes in the new year. I touched on federal estate tax repeal, capital gains rates, oil and gas company tax breaks, increased income tax rates and the expiration of the Making Work Credit. Later in the…
But don’t get too excited. It’s totally lame – again. You see, when it comes to the AMT (alternative minimum tax), Congress has no answer. So every year – without fail – at the very, very end of the year, Congress gives us a band aid in the form of temporary relief. Don’t believe me?…
In one of the more bizarre statements this post-election season, Gov. Pat Quinn (D) of Illinois has advised the legislature that an alternative plan to raise revenue won’t work and instead, he wants to focus on raising the state’s income tax. Days after squeaking by in the gubernatorial race, Quinn told the Chicago Sun-Times that…
Taxpayer asks: Can successful or failed contenders deduct their expenses from the federal taxes as a job hunting related expense? Got to wonder what Whitman was thinking spending all that money except, I can deduct these ‘loans” one way or the other not as a political contribution (rather limited) but a job hunting expense. Curious…