Earlier today, the GOP indicated that they are not on board with the Democrats’ proposal for a second economic stimulus package. There’s no surprise there. Rep. John Boehner (R-OH), the top ranking Republican in the House, wrote a letter to Rep. Nancy Pelosi (D-CA) calling the proposal: an irresponsible, business-as-usual approach that has earned this…
I’ve been tossing around blog post after blog post in my head, trying to figure out what to write exactly about the tax provisions in the most recent bailout package. And I think I’ve finally figured out what’s been bothering me: the darn thing just doesn’t make sense. I knew that the bill was going…
Not a lot was done right after Hurricane Katrina but Congress did step in with some disaster relief that include tax breaks for victims and tax incentives for those to give to charities assisting victims. Congress passed similar legislation for victims of other disaster areas, including those who suffered through catastrophic hurricanes and tornados. Why…
The proposed gas tax holiday has officially been scrapped. Of course, this shouldn’t be news – the tax holiday was planned to start on Memorial Day as the kick off to the summer holiday season. Considering that we’re about six weeks away from Labor Day (the proposed end), the idea that the holiday won’t happen…
The Senate voted overwhelmingly (76-10) to advance a mortgage rescue plan to save hundreds of thousands of homeowners from foreclosure. The plan focuses on a $300 billion FHA program to allow homeowners who are currently considered too risky to qualify for government-backed loans to refinance into safer, more affordable mortgages. The number of “yes” votes…
Defying the White House, Representatives in the US House voted to prevent about 22 million taxpayers from being hit by the alternative minimum tax (AMT). What? Oh yeah, just like with any headline, there’s more. The idea of AMT relief was originally endorsed by the GOP (such as Senator McCain). The problem with AMT relief?…
It cost me nearly $50 to fill my tank this week – $50! And I drive a pretty fuel efficient car. Gas in my home town has hit $4.25/gallon for plain old standard gas. Yuck. Gas prices are just climbing and climbing. At least there’s a small break: the mileage rate for business miles has…
Senate Republicans blocked a proposal today that would tax the windfall profits of the country’s largest oil companies. The GOP put together 43 votes, which left the Democrats 9 votes short of what they needed to break a filibuster and bring the proposal to a vote. Democrats had urged Congress to pass the bill, with…
As his popularity continues to decline, President Bush has re-introduced legislation to extend his 2001 and 2003 or risk what he is calling “the largest tax increase in history.” Realistically, some of the cuts will likely be extended or made permanent – but not all. Bush claims, for example, that allowing the tax cuts to…
Oh politics. It’s all about being right, isn’t it? You know, rather than doing the right thing? President Bush vetoed the farm bill (the 190th veto of his presidency) claiming, rightfully so, that it was too expensive and would send too much in the way of subsidy to rich farmers. The House voted 316-108 to…