Category Archives: Legislation

1099 Repeal?

Posted on July 30, 2010 by Russ

Before I head out the door, I just saw a short article that a repeal of the new requirement on issuance of 1099s (part of the health care fiasco) was introduced by Democrats today. The measure was an amendment to … Continue reading →

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HR 2267: Much Ado About Nothing

Posted on July 29, 2010 by Russ

Online poker players and the Poker Players Alliance are celebrating the markup and passage of HR 2267 in the House Financial Services Committee. The measure passed the committee on a vote of 41 yes, 22 no, with one Congresscritter voting … Continue reading →

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Rangel Hit With 13 Counts of Ethics Violations

Posted on July 29, 2010 by Russ

Congressman Charlie Rangel (D-NY), the former chairman of the tax writing House Ways and Means Committee, has been charged with 13 ethics violations. The charges include failing to report the rental income on property in the Dominican Republic on his … Continue reading →

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2011 Doesn’t Look Bright

Posted on June 8, 2010 by Russ

Arthur Laffer, the noted economist, penned an op-ed in the Wall Street Journal. An excerpt: But at the tax boundary of Jan. 1, 1983 the economy took off like a rocket, with average real growth reaching 7.5% in 1983 and … Continue reading →

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Your Tax Return May Cost More

Posted on June 1, 2010 by Russ

Something that all economists know is that all tax increases on businesses are passed on to consumers. All of them. There is no such thing as a free lunch. The Tax Extenders Bill, HR 4213, would impose a new tax … Continue reading →

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The Who Needs Small Tax Practices Act

Posted on May 27, 2010 by Russ

Call me bitter, but I’m unhappy with the new Extenders legislation. While it would extend several tax breaks, it would deal a blow to many entrepreneurs–myself included. My practice is set up as an S Corporation. A 5% (or greater) … Continue reading →

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Why I’m Against This Health Care Bill

Posted on March 21, 2010 by Russ

Most tax professionals I know want a limited government and limited taxation. The measure that the House will likely approve tonight will be disastrous in so many ways. First, there are twenty new taxes in the measure. I’ve talked about … Continue reading →

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Unearned Income Tax in New Healthcare Bill Will Impact Gambling

Posted on March 18, 2010 by Russ

The new healthcare legislation contains plenty of taxes. One especially bad one is a new 3.8% tax on unearned income above $200,000. This will have a very bad impact on amateur gamblers. When I last looked at the bill, the … Continue reading →

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The Wyden/Gregg Tax Reform Bill: Interesting, but DOA

Posted on February 28, 2010 by Russ

Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) introduced a bill, “To amend the Internal Revenue Code of 1986 to make the Federal income tax system simpler, fairer, and more fiscally responsible, and for other purposes.” The bill would have … Continue reading →

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It’s Unpopular, Unworkable, and Insane, So Naturally They’re in a Hurry to Pass It (Part 2)

Posted on February 22, 2010 by Russ

When I last wrote about the healthcare legislation, I noted the 17 taxes which would be in the plan. Let’s see what’s new in the “Unified Health Care Legislation” proposed by President Obama. 1. Individual Mandate Tax. For those who … Continue reading →

Posted in Legislation | Tagged | 6 Comments