The hot tax news is that President Obama has proposed extending the so-called Bush tax cuts but only for the middle class, not for the people the President thinks are rich. (If he gets what he wants can we start calling them the Obama tax cuts?) Apparently...
By Suellen Wolfe, J.D., LL.M. *
In 1986, Congress concluded that "that no taxpayer with substantial economic income [should be able to] avoid significant tax liability by using exclusions, deductions, and credits. Although these provisions may...