Category Archives: Legislation

The New Tax Bill

Posted on August 4, 2008 by Russ

While I was away on vacation Congress passed a Housing Bill. There are a number of tax impacts of the legislation: A first-time homebuyer’s credit of up to $7,500. This credit can be taken if you are a first-time homebuyer … Continue reading →

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Hurry Up and Wait

Posted on June 29, 2008 by Russ

Last week the House of Representatives passed an AMT patch for 2008. That patch contained offsets (tax increases) which doom it in the Senate. Further, President Bush promises a veto if it somehow manages to make it out of Congress. … Continue reading →

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A Bong Tax

Posted on February 3, 2008 by Russ

If a Maryland State Senator has his way, buyers of bongs in Maryland will soon have to pay a special tax. C. Anthony Muse (D-Prince Geoerge’s County) introduced two bills on Wednesday that would add a $20 tax for all … Continue reading →

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AMT Bill Passes; Tax Season to Start on February 29th?

Posted on December 19, 2007 by Russ

In the no surprise department, the House passed the AMT patch bill that did not contain any offsets. It now goes to President Bush who will likely sign it tomorrow or Friday. The IRS previously said that it would take … Continue reading →

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AMT Bill to Likely Pass the House Today

Posted on December 19, 2007 by Russ

News reports state that the House will consider an AMT patch bill that has already passed the Senate. The Senate version of the AMT bill does not contain any tax offsets (or “paygo”) provisions. Earlier, the House had passed an … Continue reading →

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Senate Passes AMT Relief, But Future of Bill Uncertain

Posted on December 6, 2007 by Russ

Late today the Senate passed a one-year Alternative Minimum Tax (AMT) patch that did not have any corresponding tax increases. The measure will now go to the House where it faces an uncertain future. The House had passed a two-year … Continue reading →

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IRS Oversight Board “Gravely Concerned”

Posted on November 27, 2007 by Russ

This afternoon I spoke to the Exchange Club of Irvine regarding tax law changes in 2007. One issue that came up that I couldn’t give a complete answer to was the Alternative Minimum Tax (AMT). Would Congress pass another “patch” … Continue reading →

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The “Fair Tax”

Posted on November 25, 2007 by Russ

I’ve been asked if I am a supporter of the “Fair Tax.” The Fair Tax is an idea of scrapping the current U.S. Tax Code and replacing it with a national sales tax. You can go to the Fair Tax … Continue reading →

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It’s Time for Earmark Reform

Posted on November 16, 2007 by Russ

Pork has gotten ridiculous in Congress. My Congressman, John Campbell, is one of the few who has said he will not ask for any earmarks for his district. Meanwhile, David Obey (D-WI), the Chairman of the House Appropriations Committee, said … Continue reading →

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Another “Fun” Tax Year Shaping Up

Posted on November 8, 2007 by Russ

November 10th is Saturday. That’s normally the day the IRS sends all of the forms and schedules to the printer. There’s a problem, though: Will Congress enact an AMT patch for 2007? The House is scheduled to vote on a … Continue reading →

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