A group of wealthy people that includes Warren Buffett, George Soros and former President Jimmy Carter is pressing Congress to roll back estate tax parameters, saying the current set-up leaves “too much revenue on the table.” The group of roughly three dozen people released a statement on Tuesday calling for both the current estate tax exemption to fall, from roughly $5 million a person to $2 million, and for the rate to rise from a top level of 35 percent to a minimum of 45 percent. [The Hill, FairEconomy.org]
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The Miami Heat Bail Out Tim Hardaway
- Caleb Newquist
- January 28, 2011
They aren’t exactly the U.S. Treasury and don’t foresee any populist outrage but Miami Heat Limited Partnership did Tim a fave and bought his 7,500 square foot manse for $1.985 million, according to Tax Watchdog Robert Snell:
The Miami Heat, one of the NBA’s hottest teams, bailed out former star Tim Hardaway, whose namesake son plays for the University of Michigan basketball team, by buying his Miami mansion and clearing up a $120,000 federal tax debt.
Hardaway, 44, ran into tax trouble in June despite being paid more than $46.6 million during his NBA career. The IRS filed a tax lien against his property and the bill listed his 7,542-square-foot mansion in suburban Miami.
For whatever reason, Tim is still crashing there but the Heat are trying to flip the pad for $2.5 mil, so if you’re in the market for 5bed/5.5bath with a full basketball court, make them an offer.
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Tax and SEC Deadline Watch: Are You About to Get Your Life Back?
- Caleb Newquist
- March 15, 2010
Doubtful!
But it is March 15th and corporate return extensions are being submitted en masse. Tomorrow is also the deadline for accelerated filers to submit their 10-Ks so auditors that are borderline delirious (and probably feeling frumpy) might get more than four hours of sleep this week.
For you tax jockeys, today could mean a couple of things: 1) this is a bump in the road and your life will be even more hectic as your deadbeat clients who are now realizing that April 15th is coming up fast or 2) you don’t touch anything that isn’t an 1120 and you’re in the clear for awhile.
And for you auditors, hopefully you haven’t forgotten our little teaching lesson from the previous deadline? Try and catch all the embedded “f*cks.” And hey! E&Y is still having Canadian Tuxedo Fridays for a couple more weeks so that’s something to look forward to, amiright?
Yes, there are some of you out there that are still billing monster hours with no end in sight. But look at this way, if you haven’t quit by now, you’re in it to the end, so you better just read this reminder from Deloitte and get back to it. It’ll be over soon enough.
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SHOCKER: Tax Reform Will Have to Wait
- Caleb Newquist
- December 1, 2009
If you’re like us, you’ve been anticipating the report on tax reform from the President’s Economic Recovery Advisory Board like teenage girls jonesing for New Moon.
Unfortunately, the report has been delayed and the Board will only be issuing “an almanac” of ideas at this point. The original deadline was for this Friday but you know how that goes.
Apparently you heeded the call put forth by the White House because they’re still reviewing all your brilliant ideas:
Tax Vox (our emphasis):
The White House statement says the board has not yet had time to review the hundreds of ideas it has received from the public. At the time same time, it asked for more suggestions. Yet, it is hard to believe that the panel is going to hear much new. After all, the ground of simplification and enforcement has been pretty well-plowed for years.
So keep those ideas coming people. Anything goes. Abolishment? Sure, they’ll think about it. Taxing the stupid? Best idea we’ve heard so far. If you’ve got suggestions, drop them here first then ring up the WH. They’re waiting.
White House Tax Reform Report Delayed Until Next Year [Tax Vox]
Also see:
President’s Tax Reform Task Force to Miss Dec. 4 Deadline to Issue Report [TaxProf Blog]
Tax Reform Panel: Something Someday [Tax Update Blog]