Where tax policy meets politics — legislation, elections, and the debates in Washington that decide how (and how much) you’re taxed.
You won’t get it today. Newly confirmed Secretary of the Treasury Timothy Geithner was slated to announce details of the revised bank bailout plan on today but that’s not going to happen. The Treasury is moving the planned speech ahead to tomorrow in order to focus on the economic stimulus bill. The bill is being…
Senate Majority Leader Harry Reid (D-NV) has indicated that the newly “trimmed” stimulus package will go to a vote in the Senate on Monday. The bill now costs approximately $827 billion. You would have thought that the Senate had found the cure for cancer, as they congratulated each other for finally agreeing on something. They…
Taxpayers have been crying foul for weeks now after it was revealed that executives of failing financial institutions were still being rewarded with extraordinary payouts. How big were the payouts? If you include stock options, bonuses, and perks, the chief executives of 10 banks which received $161 billion in federal bailout money took home a…
In case you missed it, I was interviewed for today’s front page of the Philadelphia Inquirer. You can read the article, titled Tax Revelations of Rich, Powerful Irk Honest Filers, here. I was asked to comment about how everyday taxpayers were reacting to the scandals swirling around Obama nominees Geithner, Daschle, and Killefer, each of…
The Senate voted tonight to approve a tax credit of up to $15,000 to first time homebuyers. The measure is part of the proposed stimulus package and is not yet law. More details and my opinion about the whole shebang on tomorrow.
Don’t get too excited just yet. Yes, the Senate did vote to give a tax break to new car buyers by a vote of 71-26. But the break is part of a stimulus package that has yet to be finalized. In other words, it’s still just part of the talk. But it was popular talk….
President Barack Obama has admitted that he made a mistake in handling the nomination of Tom Daschle. Daschle had been tapped by President Obama as his choice for Secretary of the Department of Health and Human Services until revelations that Daschle had made a number of errors on his taxes were made public. Daschle called…
Former Senator Tom Daschle has made a written request to President Obama to withdraw his nomination for Secretary of Health and Human Services. I will update you as I have more information.
Don’t get excited. It’s not Daschle. Today, Nancy Killefer withdrew her nomination to become chief performance officer in the Obama administration. The new position, created this year, was supposed to “restore fiscal order and reform government.” Apparently, not in her own house. Killefer withdrew her nomination due to “unspecified tax issues.” No further details were…
And well he should be. Tom Daschle, President Barack Obama’s nod for Secretary of the Health and Human Services Department, has offered an apology for not paying more than $120,000 in federal taxes. Instead, Daschle tried to offer an explanation for the tax errors. Yes, plural. Daschle claims that the information provided to him from…