Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
The infamous Wall Street reform bill is now law: President Obama signed it today. The reform bill, known as the Dodd-Frank Wall Street Reform and Consumer Protection Act is being touted as the “most sweeping reform since the New Deal.” The conference report finally passed the Senate by a vote of 60-39 (you can see…
About six months ago, a bipartisan effort to kickstart the economy in the form of new tax incentives, was signed into law by President Obama. The Hiring Incentives to Restore Employment (HIRE) Act, referred to as the HIRE Act, offered a tax break to businesses who hired previously unemployed workers. The break basically exempted employers…
How can you tell it’s an election year? By the sheer number of scare tactics and outright lies being shuffled about. An email is making the rounds – again – suggesting that health care benefits will appear on forms W-2 and will be taxed. I was alerted to this fact on yesterday via reader email…
In the middle of all the “tax loopholes closing” that’s been going on in Congress, a big, fat one may have remained open. Sen. Max Baucus (D-MT), who chairs the powerful Senate Finance Committee, has opened an investigation into whether Transocean, Ltd., has been exploiting tax law loopholes by moving their headquarters overseas (spoiler alert,…
More than 3.3 million barrels of oil have now spilled into the Gulf as a result of the BP spill. To put that into perspective, the entire Exxon Valdez spill dumped a mere 257,000 barrels into the sea. There is no doubt that the fall-out from this spill, both environmentally and fiscally, will be significant….
The homebuyer tax credit has been extended. Homebuyers now have until September 30, 2010, to close on their purchases after a late-night deal passed by the Senate. The bill now goes to President Obama who is expected to sign it into law. An extension had been proposed months ago but the measure failed to be…
The homebuyer tax credit has been extended. Homebuyers now have until September 30, 2010, to close on their purchases after a late night deal passed by the Senate. The bill now goes to President Obama who is expected to sign it into law. An extension had been proposed months ago but the measure failed to…
Last week, Vice President Joe Biden was in Milwaukee when he stopped in at Kopp’s Frozen Custard (not ice cream!) for a quick bite. After getting a cone, the vice president asked, “What do we owe ya?” The store manager replied, “Don’t worry, it’s on us. Lower our taxes and we’ll call it even.” Biden’s…
Despite some pretty serious lobbying efforts by realtors, banks, lenders and goodness knows who else, it looks like the homebuyer’s credit may not be extended. The credit was set to expire tomorrow. In other words, to qualify for the tax credit, homebuyers had to close by June 30, 2010. For one reason or another, that…
Oh media, stop trying to create drama where there is none… Days after the IRS confirmed that some compensatory payments to victims of the Gulf Spill are taxable, the news is filled with sensational headlines implying that this is some kind of evil money grab by the government. Shame on those reporters. What’s happening in…