Well the republican plan B failed for lack of support. Now what? See this article by Lisa Mascaro, Michael A. Memoli and Christi Parsons in the Los Angeles Times tells what happened:http://www.latimes.com/news/nationworld/nation/la-na-fiscal-cliff-20121221,0,7954081.storyYou know what? Our leadership in Washington on both sides of the aisle stinks. Get your parachute ready; unless there really is a huge amount of stuff going on behind the scenes we don’t know about we may be going off a fiscal cliff!Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: Buffett, Soros Renew Effort to Increase Estate Tax
This renewal of reducing the estate tax exemption and raising the top estate tax rate by some wealthy people (mostly democrats) has been going on for quite a while. A comment to this article is on point in that if a middle estate is taxed on land valued at say $3,000,000 that land would have to be sold to pay the tax. See this article in Accounting Today by Richard Rubin Bloomberg:http://www.accountingtoday.com/news/Buffett-Soros-Renew-Effort-to-Increase-Estate-Tax-64972-1.html?ET=webcpa:e6435:204199a:&st=emailLet’s just get something passed that both sides are unhappy with, which means it is probably a good compromise!Remember, for financial, accounting and tax musings,You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com
CPA Tax Musings: Boehner to Introduce “Plan B” Solution to Fiscal Cliff, Raising Taxes on Millionaires
Remember when the Republicans said they wouldn’t raise taxes and the Democrats said they would raise taxes on the rich. The last few days are the beginnings of the horse-trading that will make both sides liars and heroes. See this article in Accounting Today by Michael Cohn that shows the next step in the process – Republicans voting a tax increase on millionaires:http://www.accountingtoday.com/news/Boehner-Plan-B-Fiscal-Cliff-Raising-Taxes-Millionaires-65038-1.html?ET=webcpa:e6459:204199a:&st=emailSoon both parties will endure catcalls and cheers from both sides of the aisle, which means this will probably be a fair compromise. Remember, for financial, accounting and tax musings, You can count on us to count for you! email bstonercpa@sbcglobal.net phone 818-317-6035 Website www.briantstonercpa.com