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Posts Tagged ‘Clinton’

I’m not here to provide color or commentary on much of the debate; after all, I have no idea whether Hillary Clinton can fix Obamacare, or whether Donald Trump’s policy of “sneak attacks” is enough to overcome ISIS, or whether either party has a clue on how to handle immigration.

But I know tax law. And for that reason, I felt compelled to correct one very important — and very LOUD — assertion Republican candidate Trump made during last night’s debate about Democratic candidate Hillary Clinton’s tax proposal.

Continue reading on Forbes.com.

 

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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I hope you enjoyed your long weekend. I certainly had myself a nice little Saturday.

An old friend came to visit, and we spent the morning and early afternoon touring the better part of the Aspen-Snowmass wilderness on our mountain bikes:

where we ran into this little guy:

 

Don’t be fooled, he’s smarter than the av-er-age bear. While we were riding, he stole our pic-a-nic basket!

After 4 hours and 4,000 feet of climbing, there was just enough time for a celebratory beer and a late lunch before heading off to the Mumford and Sons show, as they were headlining the annual three-day long Jazzfest festival.  Sadly, we didn’t have enough time for Bed Bath and Beyond.

On to the tax stuff:

George Clinton owes the IRS. In fairness, having to keep your band members in wedding dresses and diapers ain’t cheap.

Tax Vox has the update to Mitt Romney’s tax proposals arising from the RNC. The most notable item: the Republican presidential candidate vowed to protect and preserve the deduction for charitable contributions, making his promise to lower tax rates by 20% while keeping the plan revenue neutral even more difficult to achieve (if you ever believed it was possible in the first place.)

Feel free to take Section 179 on that vineyard of yours.

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They say a good negotiation is one that leaves both sides unhappy, so maybe we should take the news that two high-profile political figures are willing to step outside party lines as a good sign that we’re on our way towards bipartisan agreement regarding the soon-to-expire Bush tax cuts.

First, former President Bill Clinton — long portrayed as the embodiment of the “tax and spend” Democrat —  recently urged President Obama to extend the Bush tax cuts for all taxpayers, not just those earning less than $250,000 as has been proposed by the President.  In Clinton’s view, this would buy Congress time to focus their efforts on deficit reduction rather than haggling over tax issues.

From Bloomberg:

Clinton “does not believe the tax cuts for the wealthiest Americans should be extended again,” [Clinton’s spokesman Matt] McKenna said yesterday. The former president “simply said that he doubted that a long-term agreement on spending cuts and revenues would be reached until after the election.”

Clinton, who appeared with Obama at fundraising events in New York June 4, said in an interview broadcast yesterday on CNBC that Congress “will probably have to put everything off until early next year” because of Republican demands that the tax cuts for the wealthy be made permanent. Doing so would be “an error,” he said.

“What I think we need to do is to find some way to avoid the fiscal cliff, to avoid doing anything that would contract the economy now and then deal with what’s necessary in the long- term debt reduction plan as soon as they can, which presumably will be after the election,” Clinton said.

Much has been made recently of this so-called “fiscal cliff,” and while details regarding the cliff are spotty at best, I was able to locate the following artist’s rendition of the future of America should the expected combination of tax increases and spending cuts be permitted to occur at year-end: 

In similarly disillusioning fashion, former Florida Governor and member of the “first family of Republicans” Jeb Bush said he would back tax increases if it meant cutting the deficit, an admission that ruffled feathers within the Republican party and likely left Rush Limbaugh reaching for the percosets.

Also from Bloomberg:

The brother of former President George W. Bush told a congressional panel in Washington today that he could back a theoretical deficit-reduction package that would include $1 in tax increases for every $10 in spending cuts.

 “If you could bring to me a majority of people to say that we’re going to have $10 in spending cuts for $1 of revenue enhancement — put me in, coach,” Bush told the House Budget Committee. “This will prove I’m not running for anything,” he said, prompting laughter from lawmakers and the audience.
 
All joking aside, it’s refreshing to see two political figures widely viewed as strict adherents to their respective  party policies recognize that compromise is going to be necessary if we intend to avoid becoming the largest province in the Chinese empire. Whether the President and Congress are taking notes remains to be seen.

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