Category Archives: Legislation

Why Gamblers Should Dislike PelosiCare

Posted on November 4, 2009 by Russ

Suppose you’re an amateur gambler. Say you’re a college student. You net $45,000 playing poker tournaments. When you determine your annual wins and losses you find that your gross winnings are $800,000 and your gross losses are $755,000. You take … Continue reading →

Posted in Gambling, Legislation | Tagged | 3 Comments

House Health Care Bill Adds Taxes for All and Work for Tax Preparers

Posted on November 1, 2009 by Russ

The 1990-page health care bill that the House will consider has numerous tax provisions. Americans for Tax Reform published a list of some of the changes: – Employer Mandate Excise Tax of 0 to 8% of wages (depends on size … Continue reading →

Posted in Legislation | Tagged | Comments Off on House Health Care Bill Adds Taxes for All and Work for Tax Preparers

Senate Health Care Proposal Leads to 80% Marginal Tax Rate?

Posted on October 11, 2009 by Russ

It’s hard for me to imagine such a high marginal tax rate, but those kinds of rates were the norm from the 1930s into the 1960s.  Higher marginal tax rates extended the Great Depression.  But that doesn’t seem to matter … Continue reading →

Posted in Legislation | Comments Off on Senate Health Care Proposal Leads to 80% Marginal Tax Rate?

Money Growing on Trees in D.C. May Help Homebuyers

Posted on October 8, 2009 by Russ

There’s no such thing as a free lunch.  That said, Democrats in Washington are talking about extending the soon-to-expire first-time homebuyer’s credit. While this would certainly help the real estate market, this “free money” would have to be paid for…sooner … Continue reading →

Posted in Legislation | Comments Off on Money Growing on Trees in D.C. May Help Homebuyers

Mr. Tax Law Writing Tax Evader

Posted on September 23, 2009 by Russ

PJTV parodies the very successful Bud Light commercials “Real Men of Genius” with Real Members of Congress featuring Mr. Tax Law Writing Tax Evader. Unfortunately, the story is true…. Hat Tip: Patterico

Posted in Legislation | Comments Off on Mr. Tax Law Writing Tax Evader

Sweden Understands; Current Administration Doesn’t

Posted on September 20, 2009 by Russ

>From PowerLine I learned that Sweden is lowering its tax rates to encourage job growth. Yes, a bastion of Scandinavian socialism understands economics enough to know that high tax rates discourage job growth. It’s a pity that our current Administration … Continue reading →

Posted in Legislation | Comments Off on Sweden Understands; Current Administration Doesn’t

Drip, Drip, Drip on Rangel

Posted on September 7, 2009 by Russ

For embattled Congressman Charlie Rangel (D-NY), is time running out? Byron York thinks it is. He notes that Congressman John Carter (R-TX) has introduced the “Rangel Rule”: “The brainchild of Rep. John Carter, a Texas Republican who spent two decades … Continue reading →

Posted in Legislation | Comments Off on Drip, Drip, Drip on Rangel

Wrangling Rangel

Posted on August 30, 2009 by Russ

Congressman Charlie Rangel (D-NY) remains in trouble. But will anything come of it? Mr. Rangel is Chairman of the House Ways and Means Committee, and is a powerful force among Democrats in Washington. However, his tax abuses are legion and, … Continue reading →

Posted in Legislation | Comments Off on Wrangling Rangel

Don’t Worry, We’re From the Government

Posted on August 27, 2009 by Russ

Perhaps no scarier line has ever been uttered than the title of this post. And if ObamaCare passes, there will be yet more fun for those of us in the tax profession. Declan McCullagh is reporting that the new ObamaCare … Continue reading →

Posted in Legislation | Comments Off on Don’t Worry, We’re From the Government

Californians, Your Taxes Just Increased

Posted on August 27, 2009 by Russ

California’s tax brackets are indexed for inflation. Normally, the marginal tax brackets go up each year. But 2009 is anything but a normal year. The Franchise Tax Board announced the new brackets, and deflation is the name of the game. … Continue reading →

Posted in Legislation | Comments Off on Californians, Your Taxes Just Increased