Wednesday, December 05, 2007
AMT deal falls apart
Who's to blame for failure to patch the AMT? The House and Senate, of course. And according to this report from The Hill, you can add the business lobby to your list.
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2007
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December
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- Uh-oh
- The Bull and the Bear, 1892
- What We Learned in 2007
- For Higher Returns, Fire Your Broker?
- IRS was crying wolf
- Fiduciary Duty: the Tattered Standard
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- IRS Cracks Down on Wash Sale Gambit
- Bill Strauss: The Lawyer Who Became Beloved
- It's Not the Same Old Philanthropy
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- Rangel concedes for this year
- Gold Up, Partridge Unchanged
- Gift tax valuations
- A Few Trillion Here, A Few Trillion There . . .
- Liquidity Moment
- Sober thinking on the effect of huge education end...
- AMT: It's all about who is to blame
- Corporate fiduciaries are doing well
- Hedge fund manager, cocaine, unstable marriage, de...
- More AMT pain
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- To sell to the rich, first study them?
- Chinese Restaurateurs Inherit UK Fortune
- How Ancient Rockers Turned a Broker into a Fiduciary
- Teaching Children How to Invest
- Medicare: Drug Insurance Swindlers
- Senate Republicans take yes for an answer
- The AMT blame game begins
- Estate Tax Repeal? Whoopi!
- AMT deal falls apart
- Down to the wire on the AMT
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2 comments:
The business lobby didn't have a problem with the AMT part of the legislation, they were upset that to help pay for a temporary tax cut (the extenders) they faced a permanent tax increase. The increase would take the form of limiting loss carrybacks.
It all comes down to a Senate cloture vote on the unamended House bill, scheduled for Thursday. I predict that it fails. When it does, the Democrats will indeed blame the Republicans for the big tax increase.
The blame shouldn't stick, but I suspect that it will.
On the upside, if the cloture vote fails, the spring refunds won't be delayed.
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