Here's what's making the rounds on Capitol Hill: Taxes: Representative Jan Schakowsky (Democrat - Illinois) introduced HR 1124 - a measure that, if enacted, would institute new and higher income tax brackets for Americans earning more than $1 million. Those earning between $1 million and $10 million would pay a confiscatory 45% while those making $1 billion [...]
TAX CREDIT FOR CHARITABLE DONATIONS: A bill that would provide tax credits for charitable contributions has been stalled in the House since its introduction earlier this year. HR 4702 would let taxpayers take a credit of up to $1,000 for charitable contributions or opt for an itemized deduction. The bill has remained idle in the [...]
Proposed legislation from our friends in the House and Senate: HR 5318 (The Small Business Investment Penalty Relief Act of 2010) would waive the 10% penalty on early distributions from retirement plans if the funds were used for small-business investments. The bill is similar to HR 3612 and HR 3390. S 3720 and HR 6099 [...]
After bailing out banks and the auto industry and in yet another step towards European-style socialism Uncle Sam has his eyes on our bodies and the education of our kids. With all the hoopla surrounding Big Government's mandate that we buy health insurance or be penalized - a move essentially telling us we have no [...]