Category Archives: Legislation

According to the Wall Street Journal, the 2007 budget has $513,000 allocated to set up a “dynamic analysis” unit within the Department of the Treasury. Currently, the Congressional Budget Office uses static analysis to determine the impact of proposed changes … Continue reading →

The NAEA alerted me to a new act under consideration in my old home, Washington state. Acting on the success of the Tennessee Crack Tax, two legislators in Washington have introduced similar legislation. The act, if passed, would impose a … Continue reading →

The Senate’s top Democratic tax writer declared that the Tax Reform Report issued last year is dead on arrival. “That thing’s dead. That’s dead, Mr. Secretary,” said Max Baucus, D-MT. When the panel’s recommendations came out last year, that’s exactly … Continue reading →

Here’s an interesting idea. Why not put a special tax on illegal drugs? If a dealer gets arrested, and they don’t have a “crack stamp” on their cocaine, they’ll go to jail for tax evasion and drug possession/selling illegal drugs. … Continue reading →

Yesterday, the Tax Reform Panel issued its final report (available here). I have come to the conclusion that no matter the merits of the reforms mentioned (which I previously commented on), this plan (really, plans) are dead-on-arrival in Congress. A … Continue reading →

While I was off this past week, the Tax Reform Panel came out with two proposals that are similar. The two proposals would: 1. Eliminate state and local tax deductions for individuals. Given that a large percentage of the US … Continue reading →

With President Bush proposing (and Congress passing) extensive relief for Hurricane Katrina, and the possibility of perhaps another deadly strike by Hurricane Rita in Texas, one obvious question is how do we pay for this. I’ve seen estimates that the … Continue reading →

As a member of the National Association of Enrolled Agents, every Friday I get an email with a summary of tax news. Today, I received the Ways & Means Committee’s Version of the new Highway Bill. You can find this … Continue reading →

According to a wire service story, Senator Blanche Lincoln (D-AR) plans on introducing legislation this week that would add a 25% federal excise tax on pornography and additional requirements on adult websites. Lincoln’s spokesman wouldn’t comment on the bill’s provisions, … Continue reading →

Today’s Wall Street Journal also reports that Senators Grassley (R-IA) and Baucus (D-MT) have introduced a “technical corrections act” to fix errors in last year’s tax law and other recent legislation. The Tax Technical Corrections Act of 2005 was also … Continue reading →