Although we have yet to see legislation to preempt the reversion of the estate tax to the 2001 rates on January 1, 2011, the media has become inundated with opinions and speculation surrounding such. Most of the talk I find rather boring as a lot of the arguments are merely re-worded sentiment that has been around since the enactment of …
Throw Momma From Her Private Jet–Not From The Train
New York Times columnist Paul Krugman famously dubbed the Bush 2001 tax cuts the “Throw Momma From The Train Act”, because the estate tax was eliminated for just one year—2010. But as 2010 grinds on without a federal estate levy, it’s becoming clear that Krugman got it wrong. Any Momma who would ride the rails (even the pricey Acela) probably …
Free at Last…Cost of Goverment Day 2010
With the rising deficit and a substantial economic strain on our Government, it is not terribly surprising that our Government’s financial woes tickle down, resulting in a larger financial burden on Americans. August 19th marked the “Cost of Government Day” for 2010. This is the day the average American has earned enough gross income to pay off his or her …
Bush Tax Cuts Expire in 2010…Will You Pay Higher Taxes?
No one wants to be taken by surprise with a super high tax bill for 2011. With only four months remaining until the expiration of Bush’s tax cuts enacted in the 2001 EGTRRA Bill, a lot of Taxpayers are holding their breath while they scramble to plan for a wide range of alternatives. We are likely to see one of …
The Uncertain Future of Death and Taxes in 2010
“In this world, nothing can be said to be certain except death and taxes.” ~Benjamin Franklin~ With the estate tax existing as staple in revenue production since 1916, the controversial repeal of such marks a historical period of uncertainty when it comes to death and taxes. Many speculated that Congress would enact interim Legislation preventing a complete repeal of the …