Category Archives: IRS
Harry Reid
Harry Reid repeated unsubstantiated charges, on the Senate floor, that Romney didn’t pay taxes for 10 years. Nearly the same amount of time the Senate hasn’t passed a budget.
Rule of Law
The president has ruled the Defense of Marriage Act unconstitutional and ordered the Justice Department not to defend it.
What is the DOMA you ask? Well, according to the WSJ…
it was passed in 1996 by large majorities in both houses of Congress and signed by President Bill Clinton.
The law says the federal government will only recognize marriages that are between a man and a woman. States can still allow same-sex marriages—and five states plus the District of Columbia have done so. But people married under those state laws aren’t accepted as married under federal law.
Same sex couples get unfavorable death tax treatment under the law…
For example, a woman inheriting money from her deceased same-sex partner doesn’t get the tax benefits that federal tax law allows for a person inheriting from a spouse.
A Washington Post editorial, however, points out the two edged swordiness of the president’s approach by asking if a future Republican president might refuse to defend Obamacare from constitutional challenges.
Rangel Rant
Nancy Pelosi called Congress back from vacation to vote for the teacher bail-out bill. Famed vacationer, Charlie Rangel, took the opportunity to dare his colleagues to throw him out. Jon Stewart wonders how he morphed into an old Jewish guy.
Death and Taxes
Some guys have all the luck. Last year the estate tax was 45%. Next year it will be 55%. This year? Nil. Zero. The empty set. Businesses say this sort of thing makes it tough to plan for the future. One business isn’t complaining. Since he died in 2010, George Steinbrenner’s heirs won’t have to sell the Yankees to pay the taxes.
