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Tax Class Warfare - It's Not About Luck

[ The Bush] tax cuts are set to expire at the end of this year. So, the Democrats and President Obama have a problem. Why is it their problem? Well, currently, they're in charge. And the expiration of these cuts is now getting a lot of attention . ... Our economic recovery is shaky at best...

Soaking the Rich the Right Way

You can't turn to any media lately without hearing the great debate about whether we should extend the so-called Bush tax cuts to "the rich" or just extend them for "the middle class." But when they talk about "the rich," they never talk about the hedge fund managers...

Small Things Come in Small Packages - The 2010 Small Business Jobs Act

I didn't think I would ever say this, but it can be good to be small. President Obama's Small Business Jobs Act (H.R. 5297) is intended to benefit both small businesses and small business lenders. The House passed the 2010 Tax Act on Thursday night, September 23, 2010, and President Obama signed...

Small Things Come in Small Packages - The 2010 Small Business Jobs Act

I didn't think I would ever say this, but it can be good to be small. President Obama's Small Business Jobs Act (H.R. 5297) is intended to benefit both small businesses and small business lenders. The House passed the 2010 Tax Act on Thursday night, September 23, 2010, and President Obama signed...

Tax Cuts Kill Jobs, Part 2

In a recent post we talked about the best kept secret in Washington: supply-side effects of debt-financed tax cuts are negative. To back this up we cited a just-released CBO study and 2003 report from the Joint Committee on Taxation. Here's some additional supporting research: (1) In a 2002 article...

Some Tax-Free Advice to Congress

An important and practical article in yesterday’s Wall Street Journal by Laura Saunders asks a fairly simple question: how are Treasury officials to come up with withholding rates for next year when thanks to Congressional inaction, they have no idea what the tax rates will be? . . . . . . ...

Gridlock's First Victim: Tax Policy

It seems to me that something happens to people when they become members of the U.S. Congress: their arrogance quotient goes up, and their intelligence quotient goes down. . . . . Here’s my scenario. Having little choice, President Obama is signaling a compromise on continuing tax cuts for people...

Warner's Solution to the Tax Cut Conundrum

You know the story by now. If Congress doesn't renew them by the end of the year, the Bush tax cuts will expire and tax rates will return to the levels that existed when Bill Clinton was in office. That means the top marginal rate on ordinary income would jump from 35% to 39.6%, the long-term capital...

Call Their Bluff, Mr. President

Will President Obama cave on yet another of his campaign promises, this time by giving in to Republican demands to extend all of the temporary Bush tax cuts? The president signaled this on his Asia trip when he said his principal concern was retaining the middle-income tax rates. Republican congressional...

A Simple-Minded Question for Thanksgiving

I think of myself as simple-minded. That doesn’t mean I think I’m a dope; it just means that I like to think of things in simple terms. Politicians like to present things in complicated and confusing terms. . . . . So here’s my simple-minded question. Does the GOP stance on tax...

Estate Tax Reinstated

Over the last few weeks we all have been diligently watching and waiting to see what would become of the Bush tax cuts and while most would agree that a continuation of at least some of the tax cuts were necessary to keep the economy moving forward, it was the estate tax that was the sticky spot. Republicans...

Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 - An Analysis

On Friday, December 17 th , President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub Law 111-312). The Act contains numerous tax provisions meant to stimulate the American economy. It is vital for tax professionals to have a thorough understanding...

Tax.com Reader Survey: The People Have Spoken

Thanks to all the Tax.com readers who participated in our recent survey. ... Our first survey question was about the congressional deficit reduction 'super' committee. ... A clear majority of participants, 59%, responded that the committee's plan would not gain Congressional approval...

A Time Bomb of a Tax Code

There's a lot of serious news out there - tragedy, health care, a nuclear Iran. It seems the news of the day roars at us. But if you turn down the sound, you can hear it: tick, tick, tick. What is it, you say? It's the federal tax system, and it's set to explode. And if it does, there...

Busting Myths About Rich People's Taxes

There are good reasons for the government to keep its hand out of the pockets of the wealthy. For example -- and this will be a shocker to most liberals out there -- it is a basic tenet of tax economics that an efficient system should eliminate all taxes on capital income. That translates into big tax...

Taxing the Rich, and Missing the Point

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, the President thinks that families making ...